Long Beach, CA

34th st photo34th st map

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Property / Loan Information
Property TypeSFR
Lien Position1st TD
Loan Amount$250,000
BPO Value$440,000
OccupNon-Owner Occ.
Interest Rate10.99%
LTV on BPO Value56.82%
Loan TypeBusiness Purpose Cash Out
AmortizationInterest Only due in 12 mos.
Guaranteed Interest6 months


Loan Scenario:

730 Mid FICO Real Estate Investor and previous borrower of Mortgage Vintage, Inc. looking for a cash-out to purchase additional investment properties.    Subject Property is a spacious 4 bed, 2 baths 2-story SFR centrally located in the heart of Long Beach.  Property has large backyard and was recently upgraded; has wood floorings and carpet, granite kitchen counter and updated bathrooms. Property is currently rented for $1,200/mo.  Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.