|Property / Loan Information|
|Property Type||8 unit Multi-Family|
|Lien Position||2nd TD|
|LTV on Appraisal||7.09%|
|Loan Type||Business Purpose Cash Out|
|Amortization||Interest Only Due in 24 mos.|
|Guaranteed Int.||6 months|
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.