Recently Funded Hard Money Loan in Glendale, CA for $220,000

Property / Loan Information
Property Type 8 unit Multi-Family
Lien Position 2nd TD
Loan Amount $220,000
Appraised Value $3,100,000
Occup Non-Owner Occ.
Lender Rate 10.00%
LTV on Appraisal 7.09%
Loan Type Business Purpose Cash Out
Amortization Interest Only Due in 24 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

Self-employed borrower seeking a business purpose cash out to renovate property to increase rental rates.

Subject is a 2-story, 8 unit multi-family property in the heart of Glendale.  Property measures 7,401 sf of gross living area, and is situated on a 9,146 sf or .21 acre lot.  Property is in close proximity to major fwys 5,134, 2 and 210.  All the units are well maintained and each has typical vinyl, carpet and laminate flooring which varies by unit and is individually heated/cooled. One bdrm units currently rent for $1,450, 2 bdrm $1,750 – $1,900, 3bdrm $2,350.

We funded this business purpose cash out loan in Glendale within 4 business days from receiving our signed term sheet.

 

 


Recently Funded Hard Money Loan in Glendale, CA for $300,000

Property / Loan Information
Property Type Multi-Family
Lien Position 2nd TD
Loan Amount $300,000
Appraised Value $6.5Mil
Occup Non-Owner Occ.
Lender Rate 9.75%
CLTV on Appraised Value 36.92%
Loan Type Business Purpose Cash Out
Amortization Interest Only Due in 36 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

Borrower owned property for over 20 years and was seeking a business purpose cash-out to make improvements on the subject property to increase rental rates.

Subject is a 100% occupied income producing 2-story, 18 unit multi-family building located in the Glendale, CA area (close to downtown LA), measuring 21,020 S.F. of gross living area, situated on a 0.41-acre lot (17,838 S.F.).  All 18 units are 2 bdm/2 ba units.  Rents range from $1,375 – $1,700 which is under market. Subject also features garages and covered parking areas and views from certain units.

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

 

 


Recently Funded Hard Money Loan in Glendale for $153,750

Property / Loan Information
Property Type SFR
Lien Position  2nd TD
Loan Amount $153,750
Est. Lender Value $875,000
Occup Non-Owner Occ.
Lender Rate 10.50%
CLTV on Est. Value 65.00%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 24 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

Real Estate Investor and Self-Employed borrower looking for a 2nd TD business purpose cash-out to expand his current granite marble business in order to purchase new machines to cut and polish granite. The subject property is a 1,770 s.f. SFR on an 8,102 s.f. lot located in a high-demand area in Glendale. Property features 3 bed, 2 baths with wood floorings throughout. Mortgage Vintage, Inc. was able to fund this hard money loan in Glendale, CA within 3 business days from receiving the signed Term Sheet.