Recently Funded Hard Money Loan in Corona Del Mar, CA for $700,000

Property / Loan Information
Property Type Single Family Residence
Lien Position 2nd TD
Loan Amount $700,000
After Repair Value $3,200,000
Occup Non Owner Occ.
Lender Rate 9.50%
CLTV on ARV 62.50%
Loan Type Business Purpose Cash Out
Amortization Interest Only Due in 24 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

Borrower was seeking this business purpose cash-out loan to scrape and build fully permitted new 3,200 s.f. 4 bdr/4 bth house. Borrower had received the appropriate permits and building plans from the City of Newport Beach prior to obtaining the loan.

Subject is currently a 1 story, 3 bdrm/2 full ba Single Family Residence in Corona Del Mar.  The Property currently measures 1,801 sf of gross living area, and is situated on a 6,498 sf lot.  Home sits on a hill and has a view of the golf course and ocean views from the rooftop. The new house will be 2 stories with a roof deck and will, after grading, take advantage of the lot dimensions.  $800k was held in Funds Control and will be disbursed according to the Construction Plan.

Mortgage Vintage, Inc. was able to fund this hard money loan in Corona Del Mar, CA within 3 business days from receiving the signed Term Sheet.

 

 


Cash-Out Loan Funded – Corona Del Mar, CA

Corona Del Mar, CA

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Property / Loan Information
Property Type SFR
Lien Position 2nd TD
Loan Amount $200,00
AVM Valuation $2.51Mil
Occup Non-Owner Occ.
Interest Rate 12.50%
CLTV on AVM Value 49.00%
Loan Type Business Purpose Cash-Out
Amortization Interest Only due in 12 mos.
Guaranteed Interest 3 months


Loan Scenario:

Real Estate Investor and owner of a privately held www.theglasshousereport.com employer/employee protection company looking for cash out to finance growth of the business. Subject Property is a beautiful 4 bdr, 2.5 baths SFR on a 9,148 s.f. lot located in the Irvine Terrace community in Corona Del Mar, CA. Property has open floor plan with French doors in all 4 bedrooms; tiled throughout the family room, kitchen and bathrooms.  Property is currently rented for $7k/mo. and listed on MLS for $2.4Mil. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.


$200,000 2nd Trust Deed at 11.00% – Corona Del Mar, CA

Corona Del Mar, CA – Funding Now 

Property / Loan Information
Property Type SFR
Lien Position 2nd Trust Deed
Trust Deed Amount $200,000
AVM Value $2.51Mil
Amortization and Term  Interest Only due in 12 mos.
LTV on AVM Value 48.00%
Loan Type Business Purpose Cash-Out
Occupancy Non-Owner Occupied
Rate for Investor 11.00%
Loan Maturity 12/01/2015