Property / Loan Information
Property Type8 unit Multi-Family
Lien Position2nd TD
Loan Amount$220,000
Appraised Value$3,100,000
OccupNon-Owner Occ.
Lender Rate10.00%
LTV on Appraisal7.09%
Loan TypeBusiness Purpose Cash Out
AmortizationInterest 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.