Recently Funded Hard Money Loan in La Quinta $60,000

Property / Loan Information
Property Type Single Family Residence
Lien Position 1st TD
Loan Amount $60,000
Broker Price Opinion (BPO) $470,000
Occup Non Owner Occ.
Lender Rate 9.00%
LTV on Appraisal 12.77%
Loan Type Business Purpose Cash Out
Amortization Interest Only Due in 24 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

Previous successful Mortgage Vintage borrower seeking a business purpose cash out to make some cosmetic upgrades and repairs to rental property to improve marketability and increase rents.

Subject is a traditional 1-story, 5 bdrm/4ba Single Family Residence located in La Quinta, CA just east of Palm Desert and multiple country clubs.  The Property measures 3,121 sf of gross living area, and is situated on a 9,147 sf lot.  Property features granite kitchen counters, carpet and tile floors in the living areas, private gate, pool, spa and long driveway.

Mortgage Vintage, Inc. was able to fund this hard money loan in La Quinta, CA, within 3 business days from receiving the signed term sheet.

 

 


Recently Funded Hard Money Loan in La Quinta for $211,250

 

Loan Type Business Purpose Cash-Out

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $211,250
Lender Est. Value $325,000
Occup. Non-Owner
Lender Rate 9.25%
LTV on Lender Est. Value             65.00%
Amortization Interest Only Due in 36 mos. (Balloon)
Borrower FICO               781

 

 

Loan Scenario:

781 MID FICO Real Estate Investor looking for a cash-out loan to make repairs on subject property. The subject property is 1,701 s.f. on a 10,019 s.f. lot located in the high desert area of La Quinta.  Subject property is located to close proximity of hiking trails and mountain views and near many attractions including casinos, golf courses, high-end resorts, a regional airport and various highways like the 74, 111, 86 and 10 FWYS.
The subject property is in need of deferred maintenance with landscaping of which borrower intends to repair with loan amount requested. Property is currently rented for $2,000/mo.
Mortgage Vintage, Inc., was able to fund this hard money loan in La Quinta, CA, within 3 business days from receiving the signed Term Sheet.


Rental Property Purchase Loan Funded – La Quinta

La Quinta, CA
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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $302,250
Purchase Price $465,00
Occup Non-Owner Occ.
Interest Rate 10.75%
LTV on Purch. Price 70.00%
Loan Type Rental Purchase
Amortization 30 Year amort/due in 12 months
Guaranteed Interest 3 months

 

Loan Scenario:
Real Estate Investor, Contractor and Owner of a decorative concrete construction company looking to purchase SFR for investment. Borrower is putting over $200k of own cash into this investment. Property is a 4 bed, 3.5 baths SFR in the gated community of Rancho Santana city of La Quinta. Property is sitting on a large 10,454 sq. ft. lot with granite counter kitchen, bar area, 2 fireplaces and side porch with a view.
Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.