Covina, CA

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Property / Loan Information
Property TypeSFR
Lien Position1st TD
Loan Amount$2.0Mil
Purchase Price$5.0Mil
OccupNon-Owner Occ.
Interest Rate11.50%
LTV on Purch Price40.00%
Loan TypeBusiness Purpose Cash-Out
AmortizationInterest Only due in 24 mos.
Guaranteed Interest6 months

Loan Scenario:

673 Mid FICO and Real Estate Investor looking for refinance on SFR to pay off existing maturing 1st TD and seller carry 2nd.   Borrower working on lot split with the City and plans to sell both parcels to pay off this loan. Subject Property is a beautiful large 9,149 sf 3-story SFR sitting on 3.23 acre lot located in Covina Hills, CA.  Adjacent flat 1 acre lot is ready for parcel split.  SFR is 4 beds, 6 baths French estate with private gate and panoramic views. Property entrance has marble entryway with a solid iron and brass spiral staircase and hardwood floors throughout. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.