| Property / Loan Information | |
| Property Type | 8 unit Multi-Family |
| Lien Position | 2nd TD |
| Loan Amount | $220,000 |
| Appraised Value | $3,100,000 |
| Occup | Non-Owner Occ. |
| Lender Rate | 10.00% |
| LTV on Appraisal | 7.09% |
| Loan Type | Business Purpose Cash Out |
| Amortization | Interest Only Due in 24 mos. |
| Guaranteed Int. | 6 months |
Loan Scenario:
Self-employed borrower seeking a business purpose cash out to renovate property to increase rental rates.
Subject is a 2-story, 8 unit multi-family property in the heart of Glendale. Property measures 7,401 sf of gross living area, and is situated on a 9,146 sf or .21 acre lot. Property is in close proximity to major fwys 5,134, 2 and 210. All the units are well maintained and each has typical vinyl, carpet and laminate flooring which varies by unit and is individually heated/cooled. One bdrm units currently rent for $1,450, 2 bdrm $1,750 – $1,900, 3bdrm $2,350.
We funded this business purpose cash out loan in Glendale within 4 business days from receiving our signed term sheet.