Fix and Flip Loan Funded – Placerville, CA

Placerville, CA
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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $272,350
Purchase Price $419,000
Occup Non-Owner Occ.
Interest Rate 10.00%
LTV on Purch. Price 65.00%
Loan Type Rental Purchase
Amortization 40 Year amort/due in 2 years
Guaranteed Interest 6 months

Loan Scenario:

647 Mid FICO Real Estate Investors and professional Rehabber and previous borrower of Mortgage Vintage, Inc. looking to purchase REO SFR from Fannie Mae for fix and flip. Property is a 3 bed, 2 baths SFR on a large acre lot with lots of potential for development.  Borrower plans to put in $30k to complete interior paint, replace the carpet, repair the floorings and obtain permit for the added square footage.   Repair Value is approx. $230k. Mortgage Vintage, Inc. was able to fund the loan within 3 business days from receiving the signed Term Sheet.