Cash-Out Refinance Loan Funded – San Clemente

San Clemente, CA
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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $397,800
Appraised Value $612,000
Occup Non-Owner Occ.
Interest Rate 11.25%
LTV on Appraised Value 65.00%
Loan Type Business Purpose Cash-Out
Amortization 30 Year amort/due in 12 mos
Guaranteed Interest 3 months

Loan Scenario:

722 Mid FICO and Real Estate Investor looking for a cash-out to purchase additional investment properties. Borrower closed the all cash purchase on the subject SFR 2 weeks ago. Subject Property is a 4 bed, 2 baths SFR sitting on a large 7,841 sq. ft. lot close to the 5 FWY with ocean views and walking distance to the beach. Property is located in a prime location of the Shorecliff. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.