Business Purpose Purchase Loan Funded – North Hills, CA

North Hills, CA
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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $403,000
Purchase Price $620,000
Occup Non-Owner Occ.
Interest Rate 12.00%
LTV on Purch. Price 65.00%
Loan Type Business Purpose Purchase
Amortization 40 Year amort/due in 2 years
Guaranteed Interest 6 months

Loan Scenario:

Real Estate Investor looking to purchase SFR & Guest House to redevelop into a 15 unit apartment complex. Tract map is approved by the City with final maps and permits needing to be approved by Jun 2016. Borrower is putting over $200k own cash into this investment. Borrower’s exit strategy is to obtain a $3.9Mil Take-Out construction loan to complete development. Subject Property is a 2 bdr, 1 bath SFR sitting on a large 15,000 s.f. lot located in North Hills within good proximity to employment centers, schools, shopping facilities and access to the 405 FWY. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.

$403,000 1st Trust Deed at 11.00% – North Hills, CA

North Hills, CA – Funding Now

Property / Loan Information
Property Type SFR & Guest House
Lien Position 1st Trust Deed
Trust Deed Amount $403,000
Purchase Price $620,000
Amortization and Term 40 Year amort/due in 2 years
LTV on Purch. Price 65.00%
Loan Type Business Purpose Purchase
Occupancy Non-Owner Occupied
Rate for Investor 11.00%
Loan Maturity 8/01/2016