Recently Funded Hard Money Loan in Eureka for $120,000

Property / Loan Information
Property Type  SFR
Lien Position  1st TD
Loan Amount $120,000
BPO Value $175,000
Occup Non-Owner
Lender Rate 10.00%
LTV on BPO Value 68.57%
Loan Type Business Purpose Purchase
Amortization Interest Only Due in 12 mos.
Guaranteed Int. 3 months

 

Loan Scenario:

Real Estate Investor and previous borrower of Mortgage Vintage looking to purchase this SFR in Northern California to fix and sell the property with tenant occupancy.  Subject property is a 900 s.f. SFR sitting on a 4,356 s.f. lot with 2 bed, 1 bath in Eureka. Borrower plans to spend $15k in rehab budget to add another bathroom and make it into a 2 bed, 2 baths SFR.

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