Business Purpose Cash Out – El Monte

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $120,000
Est Value $375,000
Occup Non-Owner Occ.
Interest Rate 10.75%
LTV on Est Value 32%
Loan Type Business Purpose Cash Out
Amortization Interest Only due in 3 years
Guaranteed Interest 180 Days

Loan Scenario:

638 Mid FICO Real Estate Investor and previous borrower of Mortgage Vintage looking for business purpose cash-out on owned free and clear SFR to purchase additional real estate investments. Subject Property is a 2 bed/1 bath SFR on a large 6,436 s.f. lot in El Monte, CA. Property is conveniently located next to the 60 FWY with nearby schools and restaurants. Property is currently rented for $1,600/mo. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.