Recently Funded Hard Money Loan in Costa Mesa, CA for $710,000.00

Real estate investor, 11-year full-time employee with the same company and 679 credit score borrower was seeking a business purpose cash-out refinance 1st TD to make improvements to this non-owner occupied investment property.

Subject property is a two-story, SFR located in Costa Mesa at the end of cul de sac. The subject is 2,413 sqft with 7 total rooms with 4 bdrm/2 bath and featuring a fireplace, open kitchen, patio and 2-car attached garage. Subject sits on an 8,404 sqft lot.  Subject is conveniently located near 405 FWY, HWY 55 and 73 Toll Road.  Schools, parks, shopping and restaurants are nearby. Property is currently leased for $3,900/month.

Recent transaction – $710,000 Business Purpose, Costa Mesa, CA


Recently Funded Hard Money Loan in Costa Mesa, CA $472,500

Property / Loan Information
Property Type Single Family Residence
Lien Position 1st TD
Loan Amount $472,500
AVM Value $630,300
Occup Non-Owner Occ.
Lender Rate 8.75%
LTV on AVM 74.61%
Loan Type Purchase Fix & Flip
Amortization Interest Only Due in 12 mos.
Guaranteed Int. 3 Months

 

 

 

 

 

 

Loan Scenario:

Self-employed borrower with fix and flip experience and a 709 mid FICO credit score seeking a purchase loan to fix and flip investment property.

Subject is a 1 story, 3 bdrm/1 full bath Single Family Residence located in Costa Mesa.  The Property measures 1,728 sf of gross living area, and is situated on a 7,197 sf lot.

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

 

 


Cash-Out Loan Funded – Costa Mesa, CA

Costa Mesa, CA

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Property / Loan Information
Property Type SFR
Lien Position 2nd TD
Loan Amount $100,000
Estimated Value $860,000
Occup Owner Occ.
Interest Rate 12.50%
CLTV on Est. Value 34.41%
Loan Type Business Purpose Cash Out
Amortization Interest Only due in 36 mos.
Guaranteed Interest 6 months


Loan Scenario:

670 Mid FICO Borrower looking for cash out to fund working capital in the business. Property is a 3 bdr, 2 baths SFR located in Eastside Costa Mesa. Property has hardwood flooring throughout with tile kitchen flooring, solid wood doors, granite countertop kitchen and upgraded bathroom. Has private courtyard accessible from the kitchen, living room and bedrooms. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.