Loan Type Business Purpose Cash-Out
| Property / Loan Information | |
| Property Type | SFR |
| Lien Position | 1st TD |
| Loan Amount | $211,250 |
| Lender Est. Value | $325,000 |
| Occup. | Non-Owner |
| Lender Rate | 9.25% |
| LTV on Lender Est. Value | 65.00% |
| Amortization | Interest Only Due in 36 mos. (Balloon) |
| Borrower FICO | 781 |
Loan Scenario:
781 MID FICO Real Estate Investor looking for a cash-out loan to make repairs on subject property. The subject property is 1,701 s.f. on a 10,019 s.f. lot located in the high desert area of La Quinta. Subject property is located to close proximity of hiking trails and mountain views and near many attractions including casinos, golf courses, high-end resorts, a regional airport and various highways like the 74, 111, 86 and 10 FWYS.
The subject property is in need of deferred maintenance with landscaping of which borrower intends to repair with loan amount requested. Property is currently rented for $2,000/mo.
Mortgage Vintage, Inc., was able to fund this hard money loan in La Quinta, CA, within 3 business days from receiving the signed Term Sheet.