Property / Loan Information
Property TypeCommercial Bldg, Retail
Lien Position1st TD
Loan Amount$275,000
Est. Value$1,060,000
OccupNon-Owner Occ
Note Rate11%
LTV on Est Value25.94%
Loan TypeCash Put Refinance
AmortizationInterest Only Due in 2 years
Guaranteed Interest6 months

 


Loan Scenario:

Owner of Commercial Retail Building in Yucca Valley looking for cash-out to build and launch an online platform, www.buildeffective.com, for kitchen design and remodeling.  Subject Property is an 8,136 sq. ft. Southwest style commercial retail center located in the heart of the High Desert. There was extensive remodeling completed in 2003/2004.  Property is located in the center of town off the main highway.  Property had a lot split last year and the other sister building was sold for $795k ($130/s.f.).  Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.