Property / Loan Information
Property TypeSFR
Lien Position2nd TD
Loan Amount$185,000
AVM Value$799,000
OccupNon-Owner Occ.
Lender Rate11.00%
LTV on AVM Value53.27%
Loan TypeBusiness Purpose Cash-Out
AmortizationInterest Only Due in 12 months
Guaranteed Interest4 months

 

 

 

Loan Scenario:

Real Estate Investor looking for a cash out 2nd TD on their well-located 3 level rental property in the SeaCliff Estates Development.  Loan amount is paying off an existing $135k 2nd TD and the cash-out funds will be used to finance a $50k rehab on the property in preparation for sale. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.