Business owner needed a business purpose cash-out 1st TD on this owner occupied SFR in Hesperia located in San Bernardino County. Our MVI loan paid-off an existing hard money 1st as well as cash-out for the borrower to invest back into his Premier Dollar retail store in Victorville, CA.
The subject was a well-maintained 1,504 SF ranch style home with 7 total rooms and 3 BR/2 BA. The subject featured nearly 1-acre lot as well as a living room, fireplace, fenced yard, leased solar and 2-car attached garage. The property is centrally located and close to the 15 freeway, schools, shopping, restaurants and medical facilities.
LTV was 59.20% based on the BPO value of $263,500.