Recent Transaction in Hawthorne – Business Purpose Cash-Out

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $470,000
Appraised Value $988,000
Occup Non-Owner Occ.
Lender Rate 9.25%
LTV on Appraised Value 47.57%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 5 years
Guaranteed Interest 6 months




Loan Scenario:
Owner of 35 year old successful packing and crating company is looking for a cash-out to payoff current business 1st lienholder and taxes. Subject Property is a 5,200 s.f. commercial building on a 7,622 s.f. lot located in Hawthorne, CA. Property is currently used for a domestic and international shipping business.  Mortgage Vintage, Inc. was able to diligently work through and remove the 15+ lien items with clearance of the Phase I and Phase II Environmental Report to close the loan.