Recently Funded Hard Money Loan in Placentia, CA for $481,000

Borrower was seeking this Business Purpose Cash Out loan to invest in a 30 unit apartment building in CA.

Subject is a 2 story SFR with 5 bedrooms, 3 bathrooms located in Placentia, CA .  The property measures 3,500 sf on a 7,208 sf lot.  The Property features a nice backyard with a pool & spa, and boasts formal dining room, fireplace in master, vaulted ceilings and large spacious rooms.  Property has been listed for sale for $927,000.


 


Cash-Out-Loan-Funded-Placentia

Placentia, CA

hard money loan in Placentia

placentia map

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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $480,000
Estimated Value $780,000
Occup Owner Occ.
Interest Rate 10.25%
LTV on Est. Value 61.54%
Loan Type Business Purpose Cash-Out
Amortization 40 Year amort/due in 3 years
Guaranteed Interest 6 months


Loan Scenario:

682 Mid FICO Real Estate Investor and Rehabber looking for a cash-out on a free and clear SFR to purchase additional investment properties. Subject Property is a 5 bed, 3 baths 3,400 sq. ft. SFR located on a cul-de-sac in the Sequoia Woods neighborhood of Placentia.  Property features large expansive living room with vaulted wood beam ceilings, fireplace, breakfast bar, swimming pool/spa and tropical back yard. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.