Recently Funded Hard Money Loan in La Canada-Flintridge for $400,000

Borrower was seeking a business purpose cash-out on this non-owner occupied rental property to make improvements to the property and to invest in other investment property.  Borrower has owned the property since 2006.

Subject property is a two story Single Family Residence located in the La Canada Flintridge area of Los Angeles.  The home is 3,750 sf with 4 bdrm/3ba. The home was remodeled in the last 5 years turning it into a beautiful modern architectural style home. The property features spectacular views, in-ground pool, outdoor gym, fire pit, built-in grill, fire place, and gourmet kitchen.

Recent Transaction – $400,000 Business Purpose, La Canada Flintridge, CA

Fix and Flip Loan Funded – La Canada/Flintridge

La Canada Flintridge, CA
la canada flintridge photo

la canada flintridge map

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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $770,000
Purchase Price $1,100,000
Occup Non-Owner Occ.
Interest Rate 9.99%
LTV on Purch. Price 70.00%
Loan Type Fix and Flip
Amortization 40 Year amort/due in 12 mos.
Guaranteed Interest 3 months

Loan Scenario:

708 Mid FICO Real Estate Investor purchasing SFR for fix and re-sell.  Borrower is putting over $330k of own cash into this investment with $30k in rehab. Subject Property is a 5 bdr, 2.5 baths SFR on a large 6,645 sq. ft. lot located in La Canada Flintridge.  Property has tile kitchen, carpeted bedrooms and living room with granite bathroom. Property has large private backyard with swimming pool, BBQ area and patio. Mortgage Vintage, Inc. was able to fund the loan within 3 business days from receiving the signed Term Sheet.