Recent Transaction in Northridge – Business Purpose Purchase

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $521,500
BPO Value $745,000
Occup Non-Owner Occ.
Lender Rate 10.00%
LTV on BPO Value 70.00%
Loan Type Business Purpose Purchase
Amortization Interest Only Due in 24 mos.
Guaranteed Interest 6 months

 

 

 

Loan Scenario:

Real estate investor/borrower and General Contractor looking to purchase this ranch style SFR in Northridge to fix and rent. Subject property is a traditional SFR that has many recent upgrades including a great, room, new Kitchen Cabinets and appliances, new hardwood floors and bathrooms.  Borrower plans to spend $40k, add square footage to the guest bedrooms, improve the landscaping  around the pool and sell in 24 months in the $840k range. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.