Santa Barbara, CA
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Property / Loan Information
Property TypeResidential Tri-Plex
Lien Position2nd TD
Loan Amount$85,000
BPO Value$1,200,000
OccupNon-Owner Occ.
Interest Rate13.25%
CLTV on BPO Value55.33%
Loan TypeBusiness Purpose Cash-Out
Amortization40 Year amort/due in 2 years
Guaranteed Interest6 months

Loan Scenario:

Real Estate Investor looking for cash out to upgrade the subject property including landscaping, paving and new laundry facilities. Property is a 6 bdr, 3 baths Tri-Plex located in Santa Barbara within walking distance from the beach, shopping, transportation and schools. Borrower plans to provide new landscaping on the property, repave the parking area and include onsite laundry which will improve and add value and more cash flow to the subject property.Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.