Cash-Out Loan Funded – Rancho Cucamonga

Rancho Cucamonga, CA
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Property / Loan Information
Property Type Condo
Lien Position 1st TD
Loan Amount $55,000
Est. Valuation $102,000
Occup Non-Owner Occ.
Interest Rate 11.75%
LTV on Est. Value 53.92%
Loan Type Business Purpose Cash-Out
Amortization 30 Year amort/due in 12 months
Guaranteed Interest 6 months

Loan Scenario:

Real Estate Investor/Rehabber and previous borrower of Mortgage Vintage, Inc. looking for a cash-out to purchase additional investment properties for fix and flip.  Subject Property is a lower level Studio Condominium located in Rancho Cucamonga close to the 210 FWY with access to the Association swimming pool, tennis courts and onsite laundry facility. Bathroom, balcony and kitchen have recently been upgraded. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.