Recently Funded Hard Money Loan in Arcadia for $700,000

Property / Loan Information
Property Type  SFR
Lien Position  2nd TD
Loan Amount $700,000
BPO Value $1.65Mil
Occup Non-Owner
Lender Rate 10.25%
CLTV on Est. Value 59.48%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 24 mos.
Guaranteed Int. 4 months




Loan Scenario:

Real Estate Investor and previous borrower of Mortgage Vintage looking for a cash-out to payoff existing business 2nd TD and to expand her Hollywood Production business.  Subject Property is a large 5 bed, 4 bath, 3,253 s.f. SFR sitting on a large 15,192 s.f. lot located in Arcadia, CA, with easy access to the 10, 210, & 605 FWYS.     Property has hard wood flooring throughout, oak cabinets, open kitchen, formal living room, dining room and carpeted bedrooms.  Mortgage Vintage, Inc. was able to fund this hard money loan in Arcadia, CA, within 3 business days from receiving the signed Term Sheet.

Cash-Out Loan Funded – Arcadia, CA

Arcadia, CA

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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $1,500,000
Appraised Value $2,500,000
Occup Non-Owner Occ.
Interest Rate 11.75%
LTV on Appraised Value 60.00%
Loan Type Business Purpose Cash Out
Amortization 40 Year amort/due in 12 mos.
Guaranteed Interest 6 months

Loan Scenario:

645 Mid FICO and Real Estate Investor looking for a cash-out on this non-owner fix and flip property to complete rehab, and to buy out the other owner in a currently owned Pharmacy used to supply medicine for borrower’s Pasadena based Assisted Living Facility. Subject Property is a beautiful 3 bed, 3 baths SFR with expansive views sitting on a large 19,071 sq. ft. lot in the foothills of Arcadia. Property was purchased with all cash in May 2014 for $1.45Mil. Borrower spending $450k on the significant Rehab.  Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.