Recently Funded Hard Money Loan in Los Angeles, CA For $425,100.00

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

 


Recently Funded Hard Money Loan in Carson, CA for $134,200

Borrowers were seeking a business purpose cash-out refinance for this non-owner occupied rental property to refinance existing loan and make improvements to the property.  Borrower has owned the property since 2009.

Subject property is a single level Single Family Residence located in the South Bay area of Carson.  The home is 1,452 sf with 4 bdrm/2ba, located at the end of a cul-de-sac. The garage has been converted into a living area. The home is well maintained and has had a number of renovations done such as an improved bathroom, new AC unit, and new paint.  The property is centrally located with easy access to both the 405 and 110 fwys.

Recent Transaction – $134,200 Business Purpose, Carson, Ca


Hard Money Lending’s Human Element

After graduating from UCLA Allen purchased his dream lot in Malibu in 1984. He purchased a used Motor Home that first paraded to a UCLA vs. Cal football game in Northern California filled with delirious sorority and fraternity members, but then became his temporary home on the vacant land.

Allen worked for the prestigious J. Walter Thompson Advertising Agency during the day and toiled on weekends building his dream home with a 270-degree ocean-view. He worked and worked and finished building the house in 1989.

Allen also volunteered his time and served as the “House Manager” for his
fraternity at his alma mater. Allen always looked out for others and is a friend to all. Allen, in the 2000’s had left Advertising and had parlayed his “House Manager” skills to start his own Company with his friend and General Contractor, Dave. Their business maintained Fraternity and Sorority houses on behalf of Greek Alumni Associations across the Southland.

Several years ago, Allen noticed some slurring in his speech and twitching in his muscles. Allen had contracted Parkinson’s Disease. In 2015 Allen’s condition deteriorated, and he moved into a Parkinson’s Care Assisted Living Facility in the San Fernando Valley. His Malibu Dream House after years of neglect due to Allen’s physical limitations was in disrepair. Allen, like many others, had worked his whole life, but not saved very much. Allen needed money to pay for his room and board at the Parkinson’s Facility. Allen considered selling his house but only bottom fisher buyers showed interested in his dilapidated house. Agents and Rehabbers came in with offers around $1.4 Million.

Allen and Dave contacted a Hard Money Lender and asked about a Business Purpose Cash-Out Loan to repair the Non-Owner-Occupied house in preparation for sale. The Hard Money Lender met at the property and together determined that $400k would satisfy the maintenance, repair, sale, and other expenses. Dave spent about $250k on the rehab and the house recently sold quickly for $1.93 Million providing a healthy $280k boost to Allen’s long-term care savings account.

The Hard Money loan in this instance provided Allen with desperately needed funds to repair and sell his house. While Allen is still fighting Parkinson’s, he knows he has additional funds for his care and some financial security from the house sale proceeds. Do you or someone you know have substantial equity in property and need a Business Purpose Cash-Out?


Recently Funded Hard Money Loan in Sylmar, CA for $100,000

Borrower was seeking a Business Purpose Cash-Out loan to complete the improvements to the property. Borrower has owned the property since 2015 and will be using funds to finish construction and improvements and then sell property.

Subject is a 1 story, single family residence located in Sylmar.  Property is north of the 210 FWY. The property is in an unfinished condition. The property features a fenced perimeter, recessed lighting, ceiling fans, and a small patio. The property, at the time of inspection,  had no electricity or utilities.

Recent Transaction – $100,000 Business Purpose, Sylmar, CA

 


Recently Funded Hard Money Loan in Los Angeles, CA for $65,000

Borrowers were seeking business purpose cash-out refinance loan to make repairs to the property.Subject is a 2 story, Multi-family property in Los Angeles. The Property is 100% occupied with rent-controlled contract rental rates. The Property consists of three buildings built in 1909, 1910, and 1947. There are three different 2 bedroom layouts. One is a SFR of approx. 649 sf, rent for $1,069/mo. Two are duplexes of approx. 416 sf, rented for $848 and $978/mo. The last two is a ground flr. four-plex and are 852 sf each renting for $1,009 and $1,068/mo.

Download Recent Transaction – $65,000 Business Purpose, Los Angeles, CA

 


Recently Funded Hard Money Loan in Los Angeles for $269,750

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $269,750
BPO Value $415,000
Occup Non-Owner Occ.
Lender Rate 9.50%
LTV on BPO Value 65.00%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 24 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

Self-Employed Borrower who owns a tow trucking business is seeking a loan to purchase additional tow trucks in order to expand his business. Subject Property is a 1,373 s.f. SFR sitting on a 5,972 s.f. lot with 3 bed/2 baths. Subject is in good condition and located on a residential street in a quiet neighborhood.  Subject is occupied and secured and in close proximity to the 105/405/110 FWYS, The Forum, Hollywood Park Casino, and LAX. Borrower plans to pay loan off with a conventional refinance.   Property is currently rented for $2,000/mo. Mortgage Vintage, Inc., was able to fund this hard money loan in Los Angeles, CA, within 3 business days from receiving the signed Term Sheet.

 


Recently Funded Hard Money Loan in Calabasas for $220,000

 

Property / Loan Information
Property Type SFR
Lien Position 2nd TD
Loan Amount $220,000
ARV BPO Value $1,75Mil
Occup Non-Owner
Lender Rate 11.75%
CLTV on BPO ARV 60.40%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 36 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

642 FICO Woodland Hills resident, Business owner and previous borrower of Mortgage Vintage looking for a business purpose cash-out. Partial of the funds will be used toward borrower’s advertising business and the remainder will be used to pay off existing 2nd TD and finish the rehab on the subject property.  Mortgage Vintage, Inc., was able to fund this hard money loan in Calabsas, CA, within 3 business days from receiving the signed Term Sheet.


Recently Funded Hard Money Loan in Gardena for $182,500

 

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $182,500
BPO Value $365,000
Occup Non-Owner
Lender Rate 9.00%
LTV on BPO Value 50.00%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 24 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

Real Estate Investor looking for a business purpose cash-out to finance new business venture. Subject property is a 1,296 s.f., 3 bed, 2 baths SFR in Gardena near the 91 & 110 FWY located on a low trafficked, nice residential street with easy access to the 110 & 405 FWY. Property features wood flooring, carpeted bedrooms, wood kitchen cabinetry and counters, enclosed patio and mounted central air furnace. Mortgage Vintage, Inc., was able to fund this hard money in Gardena, CA, loan within 3 business days from receiving the signed Term Sheet.


Recently Funded Hard Money Loan in Arcadia for $700,000

Property / Loan Information
Property Type  SFR
Lien Position  2nd TD
Loan Amount $700,000
BPO Value $1.65Mil
Occup Non-Owner
Lender Rate 10.25%
CLTV on Est. Value 59.48%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 24 mos.
Guaranteed Int. 4 months

 

 

 

Loan Scenario:

Real Estate Investor and previous borrower of Mortgage Vintage looking for a cash-out to payoff existing business 2nd TD and to expand her Hollywood Production business.  Subject Property is a large 5 bed, 4 bath, 3,253 s.f. SFR sitting on a large 15,192 s.f. lot located in Arcadia, CA, with easy access to the 10, 210, & 605 FWYS.     Property has hard wood flooring throughout, oak cabinets, open kitchen, formal living room, dining room and carpeted bedrooms.  Mortgage Vintage, Inc. was able to fund this hard money loan in Arcadia, CA, within 3 business days from receiving the signed Term Sheet.


Recently Funded Hard Money Loan in Glendale for $153,750

Property / Loan Information
Property Type SFR
Lien Position  2nd TD
Loan Amount $153,750
Est. Lender Value $875,000
Occup Non-Owner Occ.
Lender Rate 10.50%
CLTV on Est. Value 65.00%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 24 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

Real Estate Investor and Self-Employed borrower looking for a 2nd TD business purpose cash-out to expand his current granite marble business in order to purchase new machines to cut and polish granite. The subject property is a 1,770 s.f. SFR on an 8,102 s.f. lot located in a high-demand area in Glendale. Property features 3 bed, 2 baths with wood floorings throughout. Mortgage Vintage, Inc. was able to fund this hard money loan in Glendale, CA within 3 business days from receiving the signed Term Sheet.