Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount$120,000
BPO Value$175,000
OccupNon-Owner
Lender Rate10.00%
LTV on BPO Value68.57%
Loan TypeBusiness Purpose Purchase
AmortizationInterest Only Due in 12 mos.
Guaranteed Int.3 months

 

Loan Scenario:

Real Estate Investor and previous borrower of Mortgage Vintage looking to purchase this SFR in Northern California to fix and sell the property with tenant occupancy.  Subject property is a 900 s.f. SFR sitting on a 4,356 s.f. lot with 2 bed, 1 bath in Eureka. Borrower plans to spend $15k in rehab budget to add another bathroom and make it into a 2 bed, 2 baths SFR.

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