Recently Funded Hard Money Loan in Arcadia for $700,000

Property / Loan Information
Property Type  SFR
Lien Position  2nd TD
Loan Amount $700,000
BPO Value $1.65Mil
Occup Non-Owner
Lender Rate 10.25%
CLTV on Est. Value 59.48%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 24 mos.
Guaranteed Int. 4 months

 

 

 

Loan Scenario:

Real Estate Investor and previous borrower of Mortgage Vintage looking for a cash-out to payoff existing business 2nd TD and to expand her Hollywood Production business.  Subject Property is a large 5 bed, 4 bath, 3,253 s.f. SFR sitting on a large 15,192 s.f. lot located in Arcadia, CA, with easy access to the 10, 210, & 605 FWYS.     Property has hard wood flooring throughout, oak cabinets, open kitchen, formal living room, dining room and carpeted bedrooms.  Mortgage Vintage, Inc. was able to fund this hard money loan in Arcadia, CA, within 3 business days from receiving the signed Term Sheet.