Property / Loan Information
Property TypeDuplex
Lien Position2nd TD
Loan Amount$158,000
BPO Value$800,000
OccupNon-Owner Occ.
Lender Rate9.00%
CLTV on BPO36.63%
Loan TypeConsumer Cash-Out
AmortizationInterest Only Due in 36 mos.
Guaranteed Int.6 Months

 

 

 

 

 

 

Loan Scenario:

Borrower sought a consumer cash-out to use for personal purposes.  Borrower has owned the property since 1998.

Subject is a 1 story duplex with 3 bdrm/1 bath in one unit and 2 bdrm/2 bath in the second unit.  Property is located in nice part of Long Beach.  One unit measures 1,374 sf and the other is 1,240 sf of gross living area, and is situated on a .15-acre lot.

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