Download Recent Transaction – Business Purpose 2nd TD Cash-Out Loan Funded – Los Angeles Arts District, CA
| Property / Loan Information | |
| Property Type | Industrial Building |
| Lien Position | 2nd TD |
| Loan Amount | $375,000 |
| ARV Appraised Value | $3.4Mil |
| Occup | Owner Occ. |
| Lender Rate | 10.00% |
| CLTV on Appraised Value | 49.48% |
| Loan Type | Business Purpose Cash-Out |
| Amortization | Interest Only Due in 24 mos. |
| Guaranteed Int. | 6 months |
Loan Scenario:
Self-employed borrowers looking for a business purpose 2nd TD cash-out to complete construction on the subject property. Property is a 3-story, 1-unit warehouse and residential living space comprising of 6,013 s.f. located in the upscale area of downtown Los Angeles Arts District. The 1st floor has been converted into a beverage bar with live music performance stage and full service bar. The 2nd and 3rd floors are designed for art studio and joint living/working spaces, which are currently being renovated. Mortgage Vintage, Inc. was able to fund this hard money loan in Los Angeles within 3 business days from receiving the signed Term Sheet.