Property / Loan Information
Property TypeSFR
Lien Position1st TD
Loan Amount$650,000
Appraised Value$1Mil
OccupNon-Owner Occ.
Lender Rate9.50%
LTV on Appraised Value65.00%
Loan TypeBusiness Purpose Cash-Out
AmortizationInterest Only Due in 18 mos.
Guaranteed Interest6 months

 

 

 

Loan Scenario:

Borrower looking to refinance their maturing $460k private money loan on this fix and sell property 2 story home.  Borrower purchased the property, lived in the property and then in Nov. 2015 got remarried and moved in with her husband in Sunland, CA.  Not the couple are finishing the remodel and plan to sell the property upon completion. Kitchen, Bathrooms, flooring, drywall, paint and landscaping are the remaining items.  A funds control company will hold $150k of the loan amount and will reimburse the borrower as the work is completed.