Property / Loan Information
Property TypeSingle Family Residence
Lien Position1st TD
Loan Amount$450,000
Broker Price Opinion$850,000
OccupNon-Owner Occ.
Lender Rate7.75%
LTV on BPO52.94%
Loan TypeBusiness Purpose Cash Out
AmortizationInterest Only Due in 24 mos.
Guaranteed Int.6 months

 

 

 

Loan Scenario:

Borrower and long-time owner seeking a business purpose cash out to make cosmetic upgrades and repairs to improve marketability and increase rents.

Subject is a traditional 1-story, 3 bdrm/1ba Single Family Residence located in the highly desirable area Huntington Beach, CA.  The Property measures 1,334 sf of gross living area, and is situated on a 4,791 sf lot.  Property is in the downtown area and is in close proximity to restaurants and shops, as well as all services. Property features new roof, central air and heating, and hardwood floors throughout.

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.