Real estate investor, business owner and current MVI borrower sought a rate and term refinance (no cash-out) of his current business purpose 1st TD on a commercial building in San Clemente in Orange County. Funds from the loan were used to payoff a Mortgage Vintage 1st TD that was performing and matured on 10/1/19.
The subject property is a 2,015 SF commercial building currently being used as a nightclub/bar. The total size of the rectangular and level property is 7,254 SF and features a bar area, full kitchen, walk in freezer, outdoor patio, women’s and men’s bathrooms and 14 parking spaces.
LTV is 65.00% based on the $1.3M appraised value on solely the building and land and does not include the liquor license which runs with the business. The subject is in an excellent central location near other restaurants, retail and shopping. The ocean, beach, parks and medical facilities are all nearby.