Blanket Loan Funded – Orange County

Orange County, CA
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Property / Loan Information
Property Type SFR & Duplex
Lien Position 2nd TD
Loan Amount $263,000
Appraised Value $1.53Mil
Occup Non-Owner Occ.
Interest Rate 12.75%
CLTV on Est. Value 60.00%
Loan Type Business Purpose Cash-Out
Amortization 40 Year amort/due in 3 years
Guaranteed Interest 6 months


Loan Scenario:

682 Mid FICO Real Estate Investor and Rehabber looking for a cash-out to purchase additional investment properties. Property #1 currently rented for $3,300/mo., and Property #2 rented for $3,000/mo. Projected rental income for Property #3 is $2,200/mo. Properties had May 2014 Appraisal totaling $1.528Mil providing a 60.00% Combined Loan to Value. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.