Property / Loan Information
Property TypeSFR
Lien Position2nd TD
Loan Amount$857,440
ARV BPO Value$3.35Mil
OccupNon-Owner Occ.
Lender Rate10.75%
CLTV on BPO Value49.48%
Loan TypeBusiness Purpose Cash-Out
AmortizationInterest Only Due in 12 mos.
Guaranteed Interest6 months

 

 

 

Loan Scenario:

This property is a new 3,314 s.f., 5 bdr/5.5 bath SFR located in the West Side of Los Angeles.  Owners have owned the house for over 10 years as a rental.  Owners decided to remodel and add square footage and will sell the property upon completion.  Property has new exterior/interior finishes, roof, garage, energy efficient doors/windows, plumbing, electrical, Control 4 HVAC and Smart Home system, high- end gourmet appliances, fixtures, modern landscaping and indoor/outdoor living area in the back yard.  Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.