$455,000 Blanket Loan Funded – Los Angeles, CA

Los Angeles, CA
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Property / Loan Information
Property Type SFRs
Lien Position 1st TD
Loan Amount $455,000
Estimated Value $987,000
Occup Non-Owner Occ.
Interest Rate 11.00%
LTV on Est. Value 82.72% on Purch.
Loan Type Business Purpose Purchase
Amortization Interest-Only due in 12 mos.
Guaranteed Interest 6 months

Loan Scenario:

719 Mid FICO and Real Estate Investor looking to purchase this SFR for fix and flip.  Property is cross collateralized with another SFR owned free and clear providing a 46.09% LTV. Borrower is bringing in over $100k own cash into this investment. Subject Property #1 is a beautiful historic craftsman home with hardwood floorings, high ceiling with upgraded kitchen and appliances. Borrower plans to put in $10k rehab for cosmetic upgrades. Subject Property #2 is another historic home with large lot and large living area. The property includes large covered patio and laminate floorings in the bedrooms and living room. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.