Long Beach, CA

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Property / Loan Information
Property TypeSFR
Lien Position2nd TD
Loan Amount$50,000
Est. Valuation$350,000
OccupOwner Occ.
Note Rate13.50%
CLTV on Est. Valuation55.26%
Loan TypeBusiness Purpose Cash-Out
Amortization40 Year amort/due in 5 years
Guaranteed Interest6 months

Loan Scenario:

Owner-Occupant looking for cash-out to make investment in marketing company. Exit strategy is to obtain conventional refinance. Property is a 3bdr, 1 bath SFR on a large lot located in Long Beach with close proximity to the 710 and 405 freeways. Property is carpeted throughout the living room and bedrooms with tiled kitchen flooring.  Property has 2 car detached garage with plenty of off street parking. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.