Recently Funded Hard Money Loan in Newport Beach, CA for $900,000

Recent Transaction – $900,000 Business Purpose Cash Out, Newport Beach, CA

Real estate investor and business owner was seeking a Business Purpose Cash-Out of this non-owner occupied investment property to invest back into his custom modular tent business, Creative Tent International.  Property is currently owned free and clear.  With projects in more than 60 countries, Creative Tent International provides custom tent solutions for special events, sports/recreation, aviation, military installations, disaster relief and many other commercial, industrial and hospitality businesses.

Subject property is a single-story, SFR sitting on a 6,098 sqft lot in a prime Newport Beach location.  The Property is an updated ranch style 2 bdrm/1 bath home with 1,078 sqft of livable space featuring a fireplace and patio.  The subject property is located just a few minutes from PCH, Newport Harbor/Marina and the beach.  Shopping, restaurants, schools, places of worship and medical facilities are all located nearby. Rental income on this property is $3,200/month.

Recently Funded Hard Money Loan in Newport Beach, CA for $60,000

Self-employed borrower was seeking a Business Purpose Cash-Out loan to invest in machine tools and precision measuring devices for their business located in Orange County.

Subject is a tri-level condo located in beautiful Newport Beach, California in the Newport Crest community.  The Property measures 1,934 sf of gross living area with 4 bedrooms and 2.5 bathrooms.  The Property is within walking distance of the beach close to Fashion Island, Hoag Hospital, and close to entertainment and local amenities.

Recent Transaction – $60,000 Business Purpose, Newport Beach, CA

Cash-Out Loan Funded – Newport Beach, CA

Newport Beach, CA

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Property / Loan Information
Property Type SFR
Lien Position 2nd TD
Loan Amount $400,000
Estimated Value $3.8Mil
Occup Non-Owner Occ.
Interest Rate 11.00%
CLTV on Est. Value 50.00%
Loan Type Business Purpose Cash Out
Amortization Interest Only due in 12 mos.
Guaranteed Interest 4 months

Loan Scenario:

690 Mid FICO Borrower and Real Estate Investor looking for cash out to complete rehab on the subject property and additional investment properties. Property is a 5 bdr, 3 baths SFR located in Newport Beach, CA. Borrower purchased the property in 2013 for $2.3Mil with $800k of own money for down payment.  Borrower has already put in another $500k of own money into the rehab and is looking for a cash out to complete the rehab. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.