Recent Transaction in Redondo – Beach Business Purpose Cash-Out Loan

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $550,000
Appraised Value $855,000
Occup Non-Owner Occ.
Interest Rate 8.99%
LTV on
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in12 months
Guaranteed Interest 3 months




Loan Scenario:
640 Mid FICO Real Estate Investor looking for a refinance to payoff Reverse Mortgage of deceased Grandfather on Rental property. Subject Property is a 2 bdr, 2 baths 2,390 s.f. SFR located in the North Redondo Beach neighborhood. Property is zoned commercial mixed/use and current residential use is grandfathered in. Recent updates include: new electrical, new flooring, new interior paint, stucco and remodeled kitchen. Mortgage Vintage, Inc. was able to help the borrower avoid foreclosure and fund the loan within 3 business days from receiving the signed Term Sheet.