Recent Transaction in Palm Desert – 2nd Business Purpose Cash-Out

Property / Loan Information
Property Type Commercial Building
Lien Position 2nd TD
Loan Amount $320,000
Appraised Value $3.78Mil
Occup Non-Owner Occ.
Lender Rate 12.75%
CLTV on Appraised Value 50.50%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 2 years
Guaranteed Interest 6 months




Loan Scenario:

Real Estate Investor and 622 FICO borrower refinancing an Oct. 2015 all cash purchase of $2.4 Mil.  Borrower has a signed lease from the new tenant (Restaurant) which will open in 1Q 2016. Building with the Restaurant is 100% leased.  After Repair Value at $3.78 Mil.  Borrower needs to pay off his LLC investor who provided $1.7 Mil out of the $2.4 Mil purchase.  Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.