Rancho Cucamonga, CA
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Property / Loan Information
Property TypeCondo
Lien Position1st TD
Loan Amount$55,000
Est. Valuation$102,000
OccupNon-Owner Occ.
Interest Rate11.75%
LTV on Est. Value53.92%
Loan TypeBusiness Purpose Cash-Out
Amortization30 Year amort/due in 12 months
Guaranteed Interest6 months

Loan Scenario:

Real Estate Investor/Rehabber and previous borrower of Mortgage Vintage, Inc. looking for a cash-out to purchase additional investment properties for fix and flip.  Subject Property is a lower level Studio Condominium located in Rancho Cucamonga close to the 210 FWY with access to the Association swimming pool, tennis courts and onsite laundry facility. Bathroom, balcony and kitchen have recently been upgraded. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.