Property / Loan Information
Property TypeResidential Mfg. Home
Lien Position1st TD
Loan Amount$130,500
BPO Value$225,000
OccupNon-Owner Occ.
Lender Rate9.50%
LTV on BPO Value58.00%
Loan TypeBusiness Purpose Cash-Out
AmortizationInterest Only Due in 36 mos.
Guaranteed Int.6 months

 

 

 

Loan Scenario:

Real Estate Investor and Rehabber looking for a business purpose cash-out to payoff current maturing 1st TD. Subject Property is a Single Family Manufactured Home built in 2005 with 3 bedrooms, 2 full baths and 1,455 square feet of living space. Manufactured Home has permanent foundation permit (Form 433A) and is sitting on a large 1.13 acre fenced lot featuring a front porch and back patio. Mortgage Vintage, Inc. was able to fund this hard money loan in Perris, CA within 3 business days from receiving the signed Term Sheet.