Recently Funded Hard Money Loan in Lake Elsinore for $150,000.00

698 fico score borrower was beginning the process of selling her current primary residence in Lake Elsinore to acquire a new permanent residence in Palm Desert which will be her retirement home.  To accomplish this move, the borrower needed a 1st TD Bridge Loan for the down payment of her new primary residence.

The subject property is a two-story contemporary SFR sitting on a 6,969 sqft lot in a beautiful Lake Elsinore community in Riverside County.  Borrower is the original owner of this home which was built by K. Hovnanian in 2009.  Subject is a 2,595 sqft two-story contemporary design with 7 total rooms including 4 bedrooms and 3 baths.  Property features a large family room, living room, loft, in-ground pool and spa.  The subject property is situated in the hills above McVicker Park and just a few minutes’ drive to Lake Elsinore, HWY 74 and I-15.  Schools, recreation, shopping, restaurants and medical facilities are all nearby.

Recent Transaction – $150,000 Business Purpose, Lake Elsinore , CA


Recent Transaction in Lake Elsinore – Business Purpose Cash-Out

Property / Loan Information
Property Type Condo, PUD
Lien Position 1st TD
Loan Amount $175,500
Est. Valuation $280,000
Occup Non-Owner Occ.
Lender Rate 9.25%
LTV on Est. Value 62.67%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 36 mos.
Guaranteed Interest 6 months

 

 

 

Loan Scenario:

Real Estate Investor and Coldwell Banker Residential Real Estate Broker in Lake Elsinore doing a Cash-Out refinance on two rental properties in Lake Elsinore. Each Property has 2 bdr and 2 bth and are part of the nice Condominium community with a Community pool and healthy HOA. The well maintained properties have tile floors, single level, 2-Car attached garage, walking distance to elementary school and parks, and are conforming with other housing in the area. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.