| Property / Loan Information | |
| Property Type | SFR |
| Lien Position | 1st TD |
| Loan Amount | $550,000 |
| Appraised Value | $855,000 |
| Occup | Non-Owner Occ. |
| Interest Rate | 8.99% |
| LTV on AppraisedValue |
64.32% |
| Loan Type | Business Purpose Cash-Out |
| Amortization | Interest Only Due in12 months |
| Guaranteed Interest | 3 months |
Loan Scenario:
640 Mid FICO Real Estate Investor looking for a refinance to payoff Reverse Mortgage of deceased Grandfather on Rental property. Subject Property is a 2 bdr, 2 baths 2,390 s.f. SFR located in the North Redondo Beach neighborhood. Property is zoned commercial mixed/use and current residential use is grandfathered in. Recent updates include: new electrical, new flooring, new interior paint, stucco and remodeled kitchen. Mortgage Vintage, Inc. was able to help the borrower avoid foreclosure and fund the loan within 3 business days from receiving the signed Term Sheet.