Property / Loan Information
Property TypeMulti-Fam
Lien Position2nd TD
Loan Amount$60,000
BPO Value$810,000
OccupNon-Owner
Lender Rate10.25%
CLTV on Purch60.00%
Loan TypeBusiness Purpose Purchase
AmortizationInterest Only Due in 36 mos.
Guaranteed Int.6 months

 

 

 

Loan Scenario:

Real Estate Investor and owner of multiiple rental properties looking to purchase subject multiplex for rental income.  Subject property is a 3,916 s.f. 6-unit multiplex sitting on a 23,441 s.f. lot with 9beds/6baths.  Borrower plans to upgrade the property and fix one of the buildings which sustained damage from a vehicle accident once he acquires ownership. Mortgage Vintage, Inc. was able to fund this hard money loan in Santa Ana, CA, within 3 business days from receiving the signed Term Sheet.