Recent Transaction in Carpinteria – Business Purpose Purchase

Property / Loan Information
Property Type Condo
Lien Position 1st TD
Loan Amount $510,000
BPO Value $850,000
Occup Non-Owner Occ.
Interest Rate 8.99%
LTV on BPO Value 60%
Loan Type Business Purpose Purchase
Amortization Interest Only Due in 3 years
Guaranteed Interest 180 days

 


Loan Scenario:

698 and 807 Mid FICO Real Estate Investors looking to purchase Condo for rental income. Subject property is a 3 bed, 2 baths 1,375 s.f. Condo with upgraded wood flooring, granite countertop kitchen, tile kitchen flooring and bathrooms and has a great view. Property is minutes from the beach and located in the Santa Ynez foothills at the end of the Santa Barbara Polo and Racquet Club Polo Field. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.