Self-employed, repeat and successful Mortgage Vintage, Inc. Borrower, was seeking a business purpose cash out loan on multi-family property to purchase apartment building in Pomona.
Subject is a 10-Unit Multi-Family Property. The property has 6,500 net rentable area. The property has 2 free standing apartment buildings. Each building is 1-story with average quality class “D” construction. The property is comprised of six 1 bdrm/1 ba units and four 2 bdrm/1 ba units with rents ranging from $1,150 for the 1 bdrm/1 ba and $1,350 for the 2 bdrm/2 ba. Units range from 600 sf for the 1 bdrm to 725 for the 2 bdrm.
Recent Transaction – $415,000 Business Purpose, Fullerton CA