Recent Transaction in Chatsworth – Business Purpose Cash-Out

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $650,000
Appraised Value $1Mil
Occup Non-Owner Occ.
Lender Rate 9.50%
LTV on Appraised Value 65.00%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 18 mos.
Guaranteed Interest 6 months




Loan Scenario:

Borrower looking to refinance their maturing $460k private money loan on this fix and sell property 2 story home.  Borrower purchased the property, lived in the property and then in Nov. 2015 got remarried and moved in with her husband in Sunland, CA.  Not the couple are finishing the remodel and plan to sell the property upon completion. Kitchen, Bathrooms, flooring, drywall, paint and landscaping are the remaining items.  A funds control company will hold $150k of the loan amount and will reimburse the borrower as the work is completed.