Cash-Out Loan Funded – La Verne, CA

La Verne, CA

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Property / Loan Information
Property Type SFR & Land
Lien Position 1st TD
Loan Amount $1,000,000
Appraised Value $2,100,000
Occup Non-Owner Occ.
Interest Rate 10.99%
LTV on Appraised Value 60.00%
Loan Type Business Purpose Cash Out
Amortization 40 Year amort/due in 3 years
Guaranteed Interest 6 months


Loan Scenario:

645 Mid FICO and Real Estate Investor looking for a business purpose cash-out on this luxury rental property and vacant land to expand on a currently owned assisted living facility. Subject Property #1 is a beautiful 4,893 s.f. home in the secluded and gated community of Marshall Canyon Estates in La Verne. The Property features central A/C, remodeled kitchen (granite countertops, cabinets and stainless steel appliances) and updated bathrooms. Subject Property #2 is a SFR entitled 0.63 acre vacant lot with golf course views. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.