![arts district 1](https://mortgagevintage.com/wp-content/uploads/2016/05/arts-district-1-300x205.png)
![arts district 2](https://mortgagevintage.com/wp-content/uploads/2016/05/arts-district-2-300x174.png)
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.