Cash-Out Loan Funded – San Diego, CA

San Diego, CA

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Property / Loan Information
Property Type Land
Lien Position 1st TD
Loan Amount $270,000
Estimated Value $900,000
Occup Non-Owner Occ.
Interest Rate 13.50%
LTV on Est. Value 30.00%
Loan Type Business Purpose Cash Out
Amortization Interest Only due in 24 mos.
Guaranteed Interest 6 months

Loan Scenario:

Real Estate Investor looking for a cash-out on this 0.9 acre of un-improved and fully entitled multi-family residential land in San Diego. The site is fully entitled to build 13 units apartment development as the land is entitled by its RM 1-1 zoning.  The use of the land in this area comprised of a mixture of apartments, single family, mobile homes and condominiums. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.