Recent Transaction in Lake Elsinore – Business Purpose Cash-Out

Property / Loan Information
Property Type Condo, PUD
Lien Position 1st TD
Loan Amount $175,500
Est. Valuation $280,000
Occup Non-Owner Occ.
Lender Rate 9.25%
LTV on Est. Value 62.67%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 36 mos.
Guaranteed Interest 6 months

 

 

 

Loan Scenario:

Real Estate Investor and Coldwell Banker Residential Real Estate Broker in Lake Elsinore doing a Cash-Out refinance on two rental properties in Lake Elsinore. Each Property has 2 bdr and 2 bth and are part of the nice Condominium community with a Community pool and healthy HOA. The well maintained properties have tile floors, single level, 2-Car attached garage, walking distance to elementary school and parks, and are conforming with other housing in the area. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.