Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $113,750
Purchase Price $175,000
Occup Non-Owner Occ.
Interest Rate 10.50%
LTV on Purch Price 75.00%
Loan Type Business Purpose Purchase
Amortization Interest Only due in 3 years
Guaranteed Interest 180 Days

Loan Scenario:

789 Mid FICO Real Estate Investor looking to purchase SFR for fix and rent. Borrower is bringing over $60k into this investment. Subject Property is a 3 bdr, 1 bath. SFR on a large 7,841 s.f. lot located close to schools, parks and freeways in Riverside. Property has an addition that is not permitted totaling approx. 1,200 s.f. of living space; borrower plans to obtain permits. BPO valuation is not dependent on the unpermitted additions. Borrower plans to put in $20k to rehab the property for cash flow. Property will be rented for $1,250/mo in March 2015. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.