Cash-Out Loan Funded – Costa Mesa, CA

Costa Mesa, CA

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Property / Loan Information
Property Type SFR
Lien Position 2nd TD
Loan Amount $100,000
Estimated Value $860,000
Occup Owner Occ.
Interest Rate 12.50%
CLTV on Est. Value 34.41%
Loan Type Business Purpose Cash Out
Amortization Interest Only due in 36 mos.
Guaranteed Interest 6 months

Loan Scenario:

670 Mid FICO Borrower looking for cash out to fund working capital in the business. Property is a 3 bdr, 2 baths SFR located in Eastside Costa Mesa. Property has hardwood flooring throughout with tile kitchen flooring, solid wood doors, granite countertop kitchen and upgraded bathroom. Has private courtyard accessible from the kitchen, living room and bedrooms. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.