Recent Transaction in Huntington Beach – Business Purpose 2nd Cash-Out

Property / Loan Information
Property Type SFR
Lien Position 2nd TD
Loan Amount $185,000
AVM Value $799,000
Occup Non-Owner Occ.
Lender Rate 11.00%
LTV on AVM Value 53.27%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 12 months
Guaranteed Interest 4 months




Loan Scenario:

Real Estate Investor looking for a cash out 2nd TD on their well-located 3 level rental property in the SeaCliff Estates Development.  Loan amount is paying off an existing $135k 2nd TD and the cash-out funds will be used to finance a $50k rehab on the property in preparation for sale. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.