Recent Transaction in Inglewood – Business Purpose Cash-Out

Property / Loan Information
Property Type Duplex
Lien Position 1st TD
Loan Amount $322,000
Appraised Value $460,000
Occup Non-Owner Occ.
Lender Rate 9.00%
LTV on
AppraisedValue
70.00%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 24 months
Guaranteed Interest 6 months

 

 

 

Loan Scenario:
Fully employed Real Estate Investor and previous successful borrower of Mortgage Vintage looking for a business purpose cash-out to upgrade the investment property. Property has two car detached garage with plenty of driveway parking space between the 2 units; has carpeted floorings for bedrooms and tiled kitchen floorings. Property is fully occupied with rental income of $2,700/mo. Mortgage Vintage, Inc. was able to fund the loan within 3 business days from receiving the signed Term Sheet.


Hard Money Loan in Inglewood

Funded – Cash Out Refinance in Inglewood, CA.
Duplex Property – Rehab, Cash Out Refinance Loan.
60% LTV, Note Rate 11.5%, First Trust Deed,

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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $225,000
Est Valuation $375,000
Actual Rent $2,70
Interest Rate 11.50%
LTV on Est Value 60.00%
Loan Type Business Purpose Cash-Out Refi
Amortization 40 Year amort/due in 2 years
Guaranteed Interest 3 months