Recent Transaction in Castaic – Business Purpose Cash-Out

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $305,000
BPO Value $436,000
Occup Non-Owner Occ.
Interest Rate 10.50%
LTV on BPO Value 70%
Loan Type Business Purpose Cash Out
Amortization 40 yr amort/due in 12 months
Guaranteed Interest 3 months

 

 

 


Loan Scenario:

724 FICO Real Estate Broker,   experienced rehab Investor and previous borrower of Mortgage Vintage, Inc. looking for a cash-out and extension on current maturing 1st TD. Borrower put in over $35k of rehab in 2014 to renovate the property and has made all payments on time. Subject Property is a 3 bdr, 3 bath SFR conveniently located close to schools, parks and the 5 FWY. Mortgage Vintage, Inc. was able to fund the loan within 3 business days from receiving the signed Term Sheet.


Fix and Flip Loan Funded Castaic

Castaic, CA

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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $280,300
Purchase Price $350,374
Occup Non-Owner Occ.
Interest Rate 11.50%
LTV on Purch. Price 80.00%
Loan Type Fix and Flip
Amortization 40 Year amort/due in 12 months
Guaranteed Interest 3 months



Loan Scenario:

724 FICO Real Estate Broker,   experienced rehab Investor and previous borrower of Mortgage Vintage, Inc. looking to purchase SFR from OCWEN Auction Co. (special servicer) to fix and re-sell. Subject Property is a 3 bdr, 3 baths SFR conveniently located close to schools, parks and the 5 FWY.  Mortgage Vintage, Inc. was able to fund the loan within 3 business days from receiving the signed Term Sheet.