Property / Loan Information
Property TypeCommercial
Lien Position1st TD
Loan Amount$800,000
Appraised Value$1,705,000
OccupNon-Owner Occ.
Lender Rate9.50%
LTV on Appraised Value46.92%
Loan TypeBusiness Purpose Purchase
AmortizationInterest Only Due in 3 years
Guaranteed Interest180 days


Loan Scenario:

666 Mid FICO Real Estate Investor looking to purchase commercial property for rental income. Borrower has leased the property for over 20 years from the current owners. Owner of the land passed away and willed the property to the family and the family is selling the property to their long time lessee. Borrower has improved the property through the years and hence the discount of Purchase Price to Appraised Value. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.