Recently Funded Hard Money Loan in Perris for $130,500

Property / Loan Information
Property Type Residential Mfg. Home
Lien Position 1st TD
Loan Amount $130,500
BPO Value $225,000
Occup Non-Owner Occ.
Lender Rate 9.50%
LTV on BPO Value 58.00%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 36 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

Real Estate Investor and Rehabber looking for a business purpose cash-out to payoff current maturing 1st TD. Subject Property is a Single Family Manufactured Home built in 2005 with 3 bedrooms, 2 full baths and 1,455 square feet of living space. Manufactured Home has permanent foundation permit (Form 433A) and is sitting on a large 1.13 acre fenced lot featuring a front porch and back patio. Mortgage Vintage, Inc. was able to fund this hard money loan in Perris, CA within 3 business days from receiving the signed Term Sheet.


Recent Transaction in Perris – Cash-Out Construction Loan

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $150,000
ARV Value $255,000
Occup Non-Owner Occ.
Lender Rate 11.00%
LTV on ARV Value 58.82%
Loan Type Cash-Out Construction Loan
Amortization Interest Only Due in 2 years
Guaranteed Interest 6 months

 

 

 

Loan Scenario:
Real Estate Investor, General Contractor and previous borrower of Mortgage Vintage looking for a construction loan to build new SFR in Perris, CA. Borrower purchased the land in Feb 2015 for $49k. He plans to build a 3 bed, 2 baths, 1,432 s.f. SFR on the ½ acre conforming parcel. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.


Recent Transaction in Perris – Cash-Out Construction Loan

Property / Loan Information
Property Type Vacant Land
Lien Position 1st TD
Loan Amount $95,000
Estimated Value $220,000
Occup Non-Owner Occ.
Lender Rate 10.00%
LTV on Est. Value 43.18%
Loan Type Cash-Out Construction Loan
Amortization Interest Only Due in 2 years
Guaranteed Interest 6 months

 

 

 

Loan Scenario:
Real Estate Investor, General Contractor and previous borrower of Mortgage Vintage looking for a  cash out construction loan to complete construction on SFR in Perris, CA. Borrower purchased the land in Dec 2013 for $30k. He plans to complete construction on the 3 bed, 2 baths SFR on the 6,970 s.f. lot. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.