Recent Transaction in Castaic – Business Purpose Cash-Out

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $305,000
BPO Value $436,000
Occup Non-Owner Occ.
Interest Rate 10.50%
LTV on BPO Value 70%
Loan Type Business Purpose Cash Out
Amortization 40 yr amort/due in 12 months
Guaranteed Interest 3 months




Loan Scenario:

724 FICO Real Estate Broker,   experienced rehab Investor and previous borrower of Mortgage Vintage, Inc. looking for a cash-out and extension on current maturing 1st TD. Borrower put in over $35k of rehab in 2014 to renovate the property and has made all payments on time. Subject Property is a 3 bdr, 3 bath SFR conveniently located close to schools, parks and the 5 FWY. Mortgage Vintage, Inc. was able to fund the loan within 3 business days from receiving the signed Term Sheet.