Recently Funded Hard Money Loan in Downey, CA for $85,000

Self-employed Borrower was seeking a business purpose cash out loan on a non-owner occupied SFR property to make improvements to the property in preparation to sell it.

Subject is a 2 story, 5 bdrm/2.0 bath, Single Family Residence located in Downey California just South of the 105 FWY and East of the 710 FWY. The Property is overall good condition.  The first mortgage is a conventional first.

Recent Transaction – $85,000 Business Purpose, Downey, CA


Rental Purchase Loan Funded – Downey, CA

Downey, CA

downey photodowney map

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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $326,400
Purchase Price $544,000
Occup Non-Owner Occ.
Interest Rate 10.75%
LTV on Purch. Price 60.00%
Loan Type Rental Purchase
Amortization Interest Only due in 12 mos.
Guaranteed Interest 3 months


Loan Scenario:

Real Estate Investor looking to purchase Bank Owned SFR for rental income. Borrower is putting in over $200k of own cash in this investment. Subject Property is in a nice cul-de-sac and is a 4 bdr, 3 baths two-story SFR located in Downey, CA.  Property is equipped with granite-like counter tops, tile floors, gas cooktop with built-in-oven.  Property also features high ceilings, gas fireplace, patio with pavers and fenced backyard, bedrooms with walk-in closet and intercom system, forced air heat & central AC. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.