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.