Cash-Out Loan Funded – Covina, CA

Covina, CA

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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $2.0Mil
Purchase Price $5.0Mil
Occup Non-Owner Occ.
Interest Rate 11.50%
LTV on Purch Price 40.00%
Loan Type Business Purpose Cash-Out
Amortization Interest Only due in 24 mos.
Guaranteed Interest 6 months


Loan Scenario:

673 Mid FICO and Real Estate Investor looking for refinance on SFR to pay off existing maturing 1st TD and seller carry 2nd.   Borrower working on lot split with the City and plans to sell both parcels to pay off this loan. Subject Property is a beautiful large 9,149 sf 3-story SFR sitting on 3.23 acre lot located in Covina Hills, CA.  Adjacent flat 1 acre lot is ready for parcel split.  SFR is 4 beds, 6 baths French estate with private gate and panoramic views. Property entrance has marble entryway with a solid iron and brass spiral staircase and hardwood floors throughout. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.


Rental Purchase Loan Funded – Covina, CA

Covina, CA

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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $715,000
Purchase Price $1.1Mil
Occup Non-Owner Occ.
Interest Rate 10.50%
LTV on Purch. Price 65.00%
Loan Type Rental Purchase
Amortization Interest Only due in 24 mos.
Guaranteed Interest 6 months


Loan Scenario:

673 Mid FICO and Real Estate Investor purchasing this SFR to fix and keep for rental income.  Borrower is putting over $385k of own down payment cash into this purchase. Subject Property is a large 4,460 s.f Spanish-style SFR with Guest House sitting on 1.53 acre lot with 5 beds, 5 baths located in Covina Hills, CA.  Property was built in 1924 but has been remodeled within the last 5 years with newer kitchen, grand living room, large wood balcony and decks. Property has panoramic view and private gates with park-like front yard.  Property is currently rented for $6,500/mo. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.


$715,000 1st Trust Deed at 9.50% – Covina, CA

Covina, CA – Funding Now 

Property / Loan Information
Property Type SFR
Lien Position 1st Trust Deed
Trust Deed Amount $750,000
Appraised Value $1.2Mil
Amortization and Term  Interest Only due in 2 years
LTV on Appraised Value 59.58%
Loan Type Rental Purchase
Occupancy Non-Owner Occupied
Rate for Investor 9.50%
Loan Maturity 11/01/2016