Cash-Out Loan Funded – Pasadena, CA

Pasadena, CA

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Property / Loan Information
Property Type SFRs & Duplex
Lien Position 1st TD
Loan Amount $1,386,000
Appraised Value $2,310,000
Occup Non-Owner Occ.
Interest Rate 10.75%
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 cash-out on these 5 rental properties to expand on the current assisted living facility.  Cash-out being used to purchase a Pharmacy for borrower’s adjacent Assisted Living Facility. All 5 properties are within walking distance of each other.  Properties are currently rented for a total of $11,100/mo. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.