Recent Transaction in Perris – Cash-Out Construction Loan

Property / Loan Information
Property Type Vacant Land
Lien Position 1st TD
Loan Amount $95,000
Estimated Value $220,000
Occup Non-Owner Occ.
Lender Rate 10.00%
LTV on Est. Value 43.18%
Loan Type Cash-Out Construction Loan
Amortization Interest Only Due in 2 years
Guaranteed Interest 6 months

 

 

 

Loan Scenario:
Real Estate Investor, General Contractor and previous borrower of Mortgage Vintage looking for a  cash out construction loan to complete construction on SFR in Perris, CA. Borrower purchased the land in Dec 2013 for $30k. He plans to complete construction on the 3 bed, 2 baths SFR on the 6,970 s.f. lot. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.