Property / Loan Information
Property TypeSingle Family Residence
Lien Position3rd TD
Loan Amount$250,000
Appraised Value$1,650,000
OccupNon Owner Occ.
Lender Rate12.00%
CLTV on Appraisal53.33%
Loan TypeBusiness Purpose Cash Out
AmortizationInterest Only Due in 36 mos.
Guaranteed Int.6 months

 

 

 

Loan Scenario:

Successful repeat borrower sought a business purpose cash out to make some cosmetic upgrades and repairs to rental property to improve marketability and increase rents.

Subject is a traditional 1-story, 2 bdrm/2.5 ba Single Family Residence located in Los Angeles, in a residential neighborhood adjacent to a neighborhood of higher valued homes.  The Property measures 2,494 sf of gross living area and is situated on a 13,503.6 sf lot.

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