Recently Funded Hard Money Loan in Long Beach, CA $158,000

Property / Loan Information
Property Type Duplex
Lien Position 2nd TD
Loan Amount $158,000
BPO Value $800,000
Occup Non-Owner Occ.
Lender Rate 9.00%
CLTV on BPO 36.63%
Loan Type Consumer Cash-Out
Amortization Interest Only Due in 36 mos.
Guaranteed Int. 6 Months

 

 

 

 

 

 

Loan Scenario:

Borrower sought a consumer cash-out to use for personal purposes.  Borrower has owned the property since 1998.

Subject is a 1 story duplex with 3 bdrm/1 bath in one unit and 2 bdrm/2 bath in the second unit.  Property is located in nice part of Long Beach.  One unit measures 1,374 sf and the other is 1,240 sf of gross living area, and is situated on a .15-acre lot.

Mortgage Vintage, Inc. was able to fund this hard money loan in Long Beach, CA, within 3 business days from receiving the signed Term Sheet.

 

 


Cash-Out Loan Funded – Long Beach, CA

Long Beach, CA

34th st photo34th st map

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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $250,000
BPO Value $440,000
Occup Non-Owner Occ.
Interest Rate 10.99%
LTV on BPO Value 56.82%
Loan Type Business Purpose Cash Out
Amortization Interest Only due in 12 mos.
Guaranteed Interest 6 months


Loan Scenario:

730 Mid FICO Real Estate Investor and previous borrower of Mortgage Vintage, Inc. looking for a cash-out to purchase additional investment properties.    Subject Property is a spacious 4 bed, 2 baths 2-story SFR centrally located in the heart of Long Beach.  Property has large backyard and was recently upgraded; has wood floorings and carpet, granite kitchen counter and updated bathrooms. Property is currently rented for $1,200/mo.  Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.


Cash-Out Refinance Loan Funded – Long Beach

Long Beach, CA

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Property / Loan Information
Property Type SFR
Lien Position 2nd TD
Loan Amount $50,000
Est. Valuation $350,000
Occup Owner Occ.
Note Rate 13.50%
CLTV on Est. Valuation 55.26%
Loan Type Business Purpose Cash-Out
Amortization 40 Year amort/due in 5 years
Guaranteed Interest 6 months



Loan Scenario:

Owner-Occupant looking for cash-out to make investment in marketing company. Exit strategy is to obtain conventional refinance. Property is a 3bdr, 1 bath SFR on a large lot located in Long Beach with close proximity to the 710 and 405 freeways. Property is carpeted throughout the living room and bedrooms with tiled kitchen flooring.  Property has 2 car detached garage with plenty of off street parking. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.


Cash-Out Refinance Loan Funded – Long Beach

Long Beach, CA

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Property / Loan Information
Property Type Land
Lien Position 1st TD
Loan Amount $220,000
Est Valuation $834,609
Occup Non-Owner Occ.
Interest Rate 15.00%
LTV on Est Value 26.36%
Loan Type Business Purpose Cash-Out Refi
Amortization 40 Year amort/due in 12 months
Guaranteed Interest 3 months