Property / Loan Information
Property TypeSFR
Lien Position1st TD
Loan Amount$400,000
BPO Value$1.8Mil
OccupNon-Owner Occ.
Lender Rate8.00%
LTV on BPO Value22.22%
Loan TypeBusiness Purpose Cash-Out
AmortizationInterest Only Due in 24 mos.
Guaranteed Int.6 months

 

 

 

Loan Scenario:

617 FICO Borrower/Retired Camarillo, CA, resident, is seeking a hard money loan to make improvements on subject property.  Borrower has experience in property management as he was in this industry for approximately 15 years.  Borrower plans to pay off existing 1st lien during this transaction. Subject property is an SFR in Malibu, CA, consisting of 2,639 S.F. of gross living area situated on 9,946 S.F. lot.  Subject features a beautiful panoramic view of the Pacific Ocean and City lights, 3 bedrooms, 2 baths, large driveway leading up to the subject property and located within close proximity to the Pacific Ocean, shopping, schools and local parks.  Subject is in a highly desirable Malibu Hills area.  Mortgage Vintage, Inc., was able to fund this hard money loan in Malibu, CA within 3 business days from receiving the signed Term Sheet.