Palm Desert, CA
Download Recent Transaction – 2nd TD Cash-Out Commercial Loan Funded – Palm Desert, CA
| Property / Loan Information | |
| Property Type | Commercial Building |
| Lien Position | 2nd TD |
| Loan Amount | $320,000 |
| Appraised Value | $3.78Mil |
| Occup | Non-Owner Occ. |
| Lender Rate | 12.75% |
| CLTV on Appraised Value | 50.50% |
| Loan Type | Business Purpose Cash-Out |
| Amortization | Interest Only Due in 2 years |
| Guaranteed Interest | 6 months |
Loan Scenario:
Real Estate Investor and 622 FICO borrower refinancing an Oct. 2015 all cash purchase of $2.4 Mil. Borrower has a signed lease from the new tenant (Restaurant) which will open in 1Q 2016. Building with the Restaurant is 100% leased. After Repair Value at $3.78 Mil. Borrower needs to pay off his LLC investor who provided $1.7 Mil out of the $2.4 Mil purchase. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.