Cash-Out Loan Funded – Covina, CA

Covina, CA

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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $2.0Mil
Purchase Price $5.0Mil
Occup Non-Owner Occ.
Interest Rate 11.50%
LTV on Purch Price 40.00%
Loan Type Business Purpose Cash-Out
Amortization Interest Only due in 24 mos.
Guaranteed Interest 6 months

Loan Scenario:

673 Mid FICO and Real Estate Investor looking for refinance on SFR to pay off existing maturing 1st TD and seller carry 2nd.   Borrower working on lot split with the City and plans to sell both parcels to pay off this loan. Subject Property is a beautiful large 9,149 sf 3-story SFR sitting on 3.23 acre lot located in Covina Hills, CA.  Adjacent flat 1 acre lot is ready for parcel split.  SFR is 4 beds, 6 baths French estate with private gate and panoramic views. Property entrance has marble entryway with a solid iron and brass spiral staircase and hardwood floors throughout. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.