Cash-Out Refinance Commercial Loan Funded – San Clemente

San Clemente, CA

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Property / Loan Information
Property Type Commercial Building
Lien Position 1st TD
Loan Amount $650,000
Appraised Value $950,000
Occup Non-Owner Occ.
Interest Rate 11.00%
LTV on Appraised Value 68.42%
Loan Type Business Purpose Cash-Out Refi
Amortization 40 Year amort/due in 3 years
Guaranteed Interest 6 months



Loan Scenario:

Restaurant & Sports Bar Owner looking for a refinance to payoff the seller carryback loan on this oceanfront mixed used commercial building. Subject Property is a 2,228 sq. ft. restaurant/sports bar located in the heart of the North Beach area of San Clemente and walking distance from the beach.  Property is located next to a surf shop, various restaurants, retail stores, multi-family residential buildings and is across from the Ole Hanson historic theater. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.