Property / Loan Information
Property TypeSF Condo
Lien Position 2nd TD
Loan Amount$150,000
BPO Value$569,900
OccupOwner
Lender Rate10.50%
CLTV45.27%
Loan TypeBusiness Purpose Cash-Out
AmortizationInterest Only Due 60 mos.
Guaranteed Int.6 months

 

 

 

Loan Scenario:

Self-Employed borrower who owns & operates a theatrical company is seeking a 2nd TD to expand his business & increase working capital.  Subject is an SFR measuring 1,394 s.f. of gross living area situated on a 7,398 s.f. lot. Subject is in average condition; interior has minor deferred maintenance.  Subject features a living room w/dining area, kitchen & breakfast area, & a den w/a fireplace. Mortgage Vintage, Inc. was able to fund this hard money loan in Van Nuys, CA, within 3 business days from receiving the signed Term Sheet.