Recent Transaction in Chatsworth – Business Purpose Cash-Out

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $650,000
Appraised Value $1Mil
Occup Non-Owner Occ.
Lender Rate 9.50%
LTV on Appraised Value 65.00%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 18 mos.
Guaranteed Interest 6 months

 

 

 

Loan Scenario:

Borrower looking to refinance their maturing $460k private money loan on this fix and sell property 2 story home.  Borrower purchased the property, lived in the property and then in Nov. 2015 got remarried and moved in with her husband in Sunland, CA.  Not the couple are finishing the remodel and plan to sell the property upon completion. Kitchen, Bathrooms, flooring, drywall, paint and landscaping are the remaining items.  A funds control company will hold $150k of the loan amount and will reimburse the borrower as the work is completed.


Cash-Out Loan Funded – Chatsworth

Chatsworth, CA
chatsworth photo

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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $206,400
Estimated Value $616,000
Occup Owner Occ.
Interest Rate 10.99%
LTV on Est. Value 33.51%
Loan Type Business Purpose Cash-Out
Amortization 40 Year amort/due in 3 years
Guaranteed Interest 6 months


Loan Scenario:

757 Mid FICO and retired Jeweler looking for a cash-out to expand the family jewelry business with his Son. Subject Property is a 4 bed, 3 baths SFR sitting on a large 11,052 sq. ft. lot in Chatsworth.  Property features wood flooring throughout with granite countertop kitchen and bathrooms.  Property has spacious living room, family room, swimming pool and Jacuzzi with nice yard and landscape. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.


Short Sale Fix and Flip

Mortgage Vintage, Inc. facilitated a flix and flip loan in Chatsworth, CA in the amount of $344,500.


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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $344,500
As Is Valuation $530,000
After Repair Value $650,000
Interest Rate 11%
LTV on ARV 53%
Loan Type Purchase Fix and Flip
Amortization 40 Year amort/due in 1 year
Prepay Penalty 3 months

Short Sale Fix and Flip Loan Funded

Chatsworth, CA


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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $344,500
As Is Valuation $530,000
Repaired Value $650,000
LTV on AVM 60.00%
Loan Type Purchase-Fix & Flip
Amortization 40 Year amort/due in 1 yr
Prepay Penalty 6 months