Property / Loan Information
Property TypeModular Home + Land
Lien Position1st TD
Loan Amount$312,500
Broker Price Opinion$1Mil
OccupNon-Owner Occ.
Lender Rate8.00%
LTV on BPO30.20%
Loan TypeBusiness Purpose Cash Out
AmortizationInterest Only Due in 36 mos.
Guaranteed Int.6 months

 

 

 

Loan Scenario:

736 Mid FICO Self-employed Borrowers was seeking a business purpose investment cash-out refinance to make pay off existing first lien.  Subject is a recently remodeled 1-story, 2,100 S.F. of gross living, 2bed/2bath Residential Modular Home with an addition and 15 acres of land with a large metal quonset hut design storage barn on the property with views of Moorpark, agricultural groves, mountains, and the Reagan Library.

Mortgage Vintage, Inc. was able to fund this hard money loan in Moorpark, CA within 3 business days from receiving the signed Term Sheet.