Loan Type Business Purpose Cash-Out

Property / Loan Information
Property TypeSFR
Lien Position1st TD
Loan Amount$211,250
Lender Est. Value$325,000
Occup.Non-Owner
Lender Rate9.25%
LTV on Lender Est. Value            65.00%
AmortizationInterest 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.