Blanket Loan Funded – Taft

Taft, CA
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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $87,800
Purchase Price $140,000
Occup Non-Owner Occ.
Interest Rate 12.00%
LTV on Purch. Price 62.71%
Loan Type Fix and Rent
Amortization 30 Year amort/due in 2 years
Guaranteed Interest 6 months


Loan Scenario:

Husband and Wife Real Estate Investors and previous successful borrower of Mortgage Vintage, Inc. purchasing these cash flowing Duplex and SFR properties in Taft for rental income.  Borrower will be cash flow positive and is buying on an 11.31% Cap Rate.  Subject Properties on this Blanket Trust Deed contain a Duplex and an SFR with total of 5 bed and 3 baths. Pro-Forma rents are $2,200/mo.  $20k rehab funds in already in Escrow. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.