Recent Funding Transaction in Los Angeles – Business Purpose Cash-Out

Property / Loan Information
Property Type SFR
Lien Position 2nd TD
Loan Amount $857,440
ARV BPO Value $3.35Mil
Occup Non-Owner Occ.
Lender Rate 10.75%
CLTV on BPO Value 49.48%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 12 mos.
Guaranteed Interest 6 months




Loan Scenario:

This property is a new 3,314 s.f., 5 bdr/5.5 bath SFR located in the West Side of Los Angeles.  Owners have owned the house for over 10 years as a rental.  Owners decided to remodel and add square footage and will sell the property upon completion.  Property has new exterior/interior finishes, roof, garage, energy efficient doors/windows, plumbing, electrical, Control 4 HVAC and Smart Home system, high- end gourmet appliances, fixtures, modern landscaping and indoor/outdoor living area in the back yard.  Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.