|Property / Loan Information|
|Lien Position||2nd TD|
|CLTV on Appraised Value||36.92%|
|Loan Type||Business Purpose Cash Out|
|Amortization||Interest Only Due in 36 mos.|
|Guaranteed Int.||6 months|
Borrower owned property for over 20 years and was seeking a business purpose cash-out to make improvements on the subject property to increase rental rates.
Subject is a 100% occupied income producing 2-story, 18 unit multi-family building located in the Glendale, CA area (close to downtown LA), measuring 21,020 S.F. of gross living area, situated on a 0.41-acre lot (17,838 S.F.). All 18 units are 2 bdm/2 ba units. Rents range from $1,375 – $1,700 which is under market. Subject also features garages and covered parking areas and views from certain units.
Mortgage Vintage, Inc., was able to fund this hard money loan in Glendale, CA, within 3 business days from receiving the signed Term Sheet.