|Property / Loan Information|
|Property Type||Commercial Building|
|Lien Position||2nd TD|
|CLTV on Appraised Value||50.50%|
|Loan Type||Business Purpose Cash-Out|
|Amortization||Interest Only Due in 2 years|
|Guaranteed Interest||6 months|
Real Estate Investor and 622 FICO borrower refinancing an Oct. 2015 all cash purchase of $2.4 Mil. Borrower has a signed lease from the new tenant (Restaurant) which will open in 1Q 2016. Building with the Restaurant is 100% leased. After Repair Value at $3.78 Mil. Borrower needs to pay off his LLC investor who provided $1.7 Mil out of the $2.4 Mil purchase. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.