Cash-Out Loan Funded – Newport Beach, CA

Newport Beach, CA

catamaran photo_optcatamaran map

Download Full Summary

Property / Loan Information
Property Type SFR
Lien Position 2nd TD
Loan Amount $400,000
Estimated Value $3.8Mil
Occup Non-Owner Occ.
Interest Rate 11.00%
CLTV on Est. Value 50.00%
Loan Type Business Purpose Cash Out
Amortization Interest Only due in 12 mos.
Guaranteed Interest 4 months

Loan Scenario:

690 Mid FICO Borrower and Real Estate Investor looking for cash out to complete rehab on the subject property and additional investment properties. Property is a 5 bdr, 3 baths SFR located in Newport Beach, CA. Borrower purchased the property in 2013 for $2.3Mil with $800k of own money for down payment.  Borrower has already put in another $500k of own money into the rehab and is looking for a cash out to complete the rehab. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.