Newport Beach, CA

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Property / Loan Information
Property TypeSFR
Lien Position2nd TD
Loan Amount$400,000
Estimated Value$3.8Mil
OccupNon-Owner Occ.
Interest Rate11.00%
CLTV on Est. Value50.00%
Loan TypeBusiness Purpose Cash Out
AmortizationInterest Only due in 12 mos.
Guaranteed Interest4 months

Loan Scenario:

690 Mid FICO Borrower and Real Estate Investor looking for cash out to complete rehab on the subject property and additional investment properties. Property is a 5 bdr, 3 baths SFR located in Newport Beach, CA. Borrower purchased the property in 2013 for $2.3Mil with $800k of own money for down payment.  Borrower has already put in another $500k of own money into the rehab and is looking for a cash out to complete the rehab. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.