Recent Transaction in Perris – Construction Loan

Property / Loan Information
Property Type Land
Lien Position 1st TD
Loan Amount $150,000
Appraised Value $255,000
Occup Non-Owner Occ.
Interest Rate 11.00%
LTV on
AppraisedValue
58.82%
Loan Type Business Purpose Construction
Amortization Interest Only Due in 24 months
Guaranteed Interest 6 months

 

 

 

Loan Scenario:
Real Estate Investor, General Contractor and previous borrower of Mortgage Vintage looking for a construction loan to build new SFR in Perris, CA. Borrower purchased the land in Feb 2015 for $49k. He plans to build a 3 bed, 2 baths, 1,432 s.f. SFR on the ½ acre conforming parcel. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.