Cash-Out Loan Funded – Long Beach, CA

Long Beach, CA

34th st photo34th st map

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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $250,000
BPO Value $440,000
Occup Non-Owner Occ.
Interest Rate 10.99%
LTV on BPO Value 56.82%
Loan Type Business Purpose Cash Out
Amortization Interest Only due in 12 mos.
Guaranteed Interest 6 months

Loan Scenario:

730 Mid FICO Real Estate Investor and previous borrower of Mortgage Vintage, Inc. looking for a cash-out to purchase additional investment properties.    Subject Property is a spacious 4 bed, 2 baths 2-story SFR centrally located in the heart of Long Beach.  Property has large backyard and was recently upgraded; has wood floorings and carpet, granite kitchen counter and updated bathrooms. Property is currently rented for $1,200/mo.  Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.