North Hills, CA
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Property / Loan Information
Property TypeSFR
Lien Position1st TD
Loan Amount$403,000
Purchase Price$620,000
OccupNon-Owner Occ.
Interest Rate12.00%
LTV on Purch. Price65.00%
Loan TypeBusiness Purpose Purchase
Amortization40 Year amort/due in 2 years
Guaranteed Interest6 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.