Self-employed, strong credit score borrower was seeking a business purpose cash out refinance loan to refinance the existing loan on this multi-family property. Borrower has owned the property since 2009.
Subject is a 100% occupied property which consists of 3 parcels totaling 23,161 square and is located on a commercial/residential street. The Property is an 18-unit multi-building, multi-parcel apartment property which consists of a 14 unit property and 2 Duplex properties. Each building offers good quality class “D” construction. The property was renovated in 2012 to include new paint, security bars, security fencing, interior flooring, cabinets, baseboards, toilets, faucets & fixtures & ceiling fans. On-site parking consists of 18 asphalt paved spaces.
Recent Transaction – $1,020,000 Business Purpose Cash-Out Re-Fi, Los Angeles
Real estate investor, long time land owner and CEO of Rightime Enterprice was seeking a business purpose cash-out refi on these 5 parcels of vacant land. Loan proceeds were used to payoff existing 1st & 2nd liens. The cash-out portion of the funds were used to cover current architectural and engineering fees as well as other project soft costs.
Our subject property comprises 5 vacant lots that will eventually be the sites of 5 beautiful single family homes with sweeping panoramic views of Universal City, Studio City and the San Fernando Valley. The property is situated in the hills above Universal City, Studio City and the Valley. HWY 101, Ventura Blvd., and Mulholland Drive are all a short distance away. Schools, recreations, shopping, restaurants and medical facilities are within close proximity of the subject.
Recent Transaction – $1,250,000 Business Purpose, Los Angeles, CA
Real Estate Investor and 20-year employee of with the same company was seeking a cash-out 1st TD on this non-owner occupied investment property. Our new Mortgage Vintage 1st TD was to payoff an existing 1st & 2nd and the remaining funds were used to make minor upgrades and improvements to the same property.
Our subject is a single-story SFR located in the Montebello neighborhood Los Angeles. The property sits on a 5,054 sqft lot and was built in 1931. The home has 1,197 sqft of living space with 3 bedrooms and 1 bath. Property features dining room, porch and fireplace. The subject is located just a few minutes from I-5 and HWY 60. Restaurants, schools, shopping, parks and medical facilities are all located nearby. Subject rents for $2,900/month.
Recent Transaction – $275,000 Business Purpose Re-Fi, Los Angeles, CA
Real estate investor and 775 fico score borrower was seeking a cash-out 2nd TD on this LA investment property to make cosmetic upgrades to this property and another 4-plex owned by the borrower.
The subject property is a single-story, bungalow style SFR sitting on a sizable 6,171 sqft lot in the Glassel Park neighborhood of Los Angeles. Subject is a 714 sqft home with 2 bedrooms, 1 bath a kitchen and living room. The property is conveniently located near the Glendale FWY as well as parks, recreation, shopping, schools, restaurants and medical facilities. Subject rents for $2,500/month.
Recent Transaction – $77,500 Business Purpose Cash Out Re-Fi, LA, CA 90065
Real estate investor and self-employed borrower was seeking a business purpose cash-out refinance to payoff existing 1st TD and make improvements to the property. Subject is a 2-story, 4-unit multi-family property located in Los Angeles. Property measures 2,810 sf of gross living area, and is situated on a 4,996 sqft lot. Property consists of two 1 bedroom units of 576 sqft that are rented for $1,100/month. The other two units are both 2 bedroom units of 832 sqft and both are rented for $1,300/month. Subject is conveniently located near I10 and I110 FWYs and is walking distance to parks, shopping, schools and places of worship.
Recent Transaction – $425,100 Business Purpose Cash out Loan, Los Angeles, CA
Mortgage Vintage provides hard money lending guidance in both Spanish and English. As a fluent Spanish speaker, I easily communicate with our Hispanic borrowers. The opportunity to speak in Spanish allows the Hispanic borrower to comfortably review the loan scenario without concern of miscommunication. We know that hard money loans are a good fit for Hispanic borrowers and we are happy to make the process fast and professional in both English and Spanish.
Below are 3 examples of recent loans to Hispanic Borrowers and their success stories:
Hispanic Hard Money Loan Examples:
- Juan B. – New $452k 1st Trust Deed on a Non-Owner Occupied Single-Family Residence in Long Beach.
Juan owns his own Construction Company and initially purchased and upgraded this 2 story 2,291 s.f. home using a Hard Money Loan. He subsequently pulled cash out of this rented property to pay off a high interest rate loan on one of his other properties.
- Neddy M. – $500k 1st Trust Deed for a Restaurant Purchase and subsequent Refinance in Alta Dena, CA.
Neddy knew that this was on opportunity of a lifetime. Neddy and her family were leasing this building for their famous “El Caporal” restaurant. Best Tacos Ever by the way. If you ever go to the Rose Bowl, please stop by and you won’t be disappointed. The owner of the building was retiring and moving to Las Vegas so Neddy had to act quickly. She used a Hard Money Loan to purchase the building and has subsequently refinanced into a lower rate. Her family business is thriving, and they are saving money for their Children’s education.
- Sal N. – $261k 1st Trust Deed for an SFR Fix and Flip loan in Santa Ana, CA
Sal owns several multi-family rental properties in Santa Ana. He found this opportunity to purchase a property from HUD at below a below market rate. He needed to move quickly as he was competing against many all cash offers and needed to close quickly. Sal used proceeds from a cash-out on one of his other properties to fund the down payment and a new loan on this SFR to quickly close on this purchase. Now Sal is in a great position to earn a nice profit on his fix and flip.
Should you need someone to speak in Spanish about your loan scenario or real estate investments, please contact us at 949-632-6145 or visit our website at MortgageVintage.com or CrowdTrustDeed.com today. We offer hard money loans for resident aliens and green card holders. Se Habla Español!
Recent Transaction – $256,750 Business Purpose Cash Out in Los Angeles
Borrower was seeking a Business Purpose Cash-Out Refi to refinance the existing first TD and make improvements to this non-owner occupied property. Borrower and co-borrower are both employed with steady work histories having been at their jobs for over 10 years, respectively.
Subject property is a single-story, SFR located in Los Angeles just south of the 105 fwy and east of the 110 fwy. The subject is a 4 bdrm/2 bath home that is approx. 1,240 sf on a large lot. The property is centrally located near the 110 fwy, shopping, restaurants, schools, houses of worship and parks. Current tenant pays $2,600/month.