Recent Transaction in Yucca Valley, CA – Cash Out Refinance

Property / Loan Information
Property Type Commercial Bldg, Retail
Lien Position 1st TD
Loan Amount $275,000
Est. Value $1,060,000
Occup Non-Owner Occ
Note Rate 11%
LTV on Est Value 25.94%
Loan Type Cash Put Refinance
Amortization Interest Only Due in 2 years
Guaranteed Interest 6 months

 


Loan Scenario:

Owner of Commercial Retail Building in Yucca Valley looking for cash-out to build and launch an online platform, www.buildeffective.com, for kitchen design and remodeling.  Subject Property is an 8,136 sq. ft. Southwest style commercial retail center located in the heart of the High Desert. There was extensive remodeling completed in 2003/2004.  Property is located in the center of town off the main highway.  Property had a lot split last year and the other sister building was sold for $795k ($130/s.f.).  Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.