Download recent-transaction-269750-business-purpose-cash-out-loan-funded-los-angeles-ca
| Property / Loan Information | |
| Property Type | SFR |
| Lien Position | 1st TD |
| Loan Amount | $269,750 |
| BPO Value | $415,000 |
| Occup | Non-Owner Occ. |
| Lender Rate | 9.50% |
| LTV on BPO Value | 65.00% |
| Loan Type | Business Purpose Cash-Out |
| Amortization | Interest Only Due in 24 mos. |
| Guaranteed Int. | 6 months |
Loan Scenario:
Self-Employed Borrower who owns a tow trucking business is seeking a loan to purchase additional tow trucks in order to expand his business. Subject Property is a 1,373 s.f. SFR sitting on a 5,972 s.f. lot with 3 bed/2 baths. Subject is in good condition and located on a residential street in a quiet neighborhood. Subject is occupied and secured and in close proximity to the 105/405/110 FWYS, The Forum, Hollywood Park Casino, and LAX. Borrower plans to pay loan off with a conventional refinance. Property is currently rented for $2,000/mo. 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.