Property / Loan Information
Property Type4 Unit Multi-Family
Lien Position2nd TD
Loan Amount$108,000
Broker Price Opinion$1.62Mil
OccupOwner Occ.
Lender Rate9.00%
CLTV on BPO9.32%
Loan TypeBusiness Purpose Cash Out
AmortizationInterest Only Due in 60 mos.
Guaranteed Int.12 months

 

 

 

Loan Scenario:

Self-employed Borrower seeking a business purpose investment cash out to invest in Borrower’s truck repair and leasing business.

Subject was a 2-story, 4 unit multi-family property 1.5 miles from the ocean.  Property measures 4,400 sf of gross living area, and is situated on a .191 acre lot.  Property is located next to Huntington Harbor in close proximity to many shops, entertainment and the ocean.  All the units were well maintained. .

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