| Property / Loan Information | |
| Property Type | SFR |
| Lien Position | 1st TD |
| Loan Amount | $403,000 |
| Purchase Price | $620,000 |
| Occup | Non-Owner Occ. |
| Interest Rate | 12.00% |
| LTV on Purch. Price | 65.00% |
| Loan Type | Business Purpose Purchase |
| Amortization | 40 Year amort/due in 2 years |
| Guaranteed Interest | 6 months |
Loan Scenario:
Real Estate Investor looking to purchase SFR & Guest House to redevelop into a 15 unit apartment complex. Tract map is approved by the City with final maps and permits needing to be approved by Jun 2016. Borrower is putting over $200k own cash into this investment. Borrower’s exit strategy is to obtain a $3.9Mil Take-Out construction loan to complete development. Subject Property is a 2 bdr, 1 bath SFR sitting on a large 15,000 s.f. lot located in North Hills within good proximity to employment centers, schools, shopping facilities and access to the 405 FWY. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.