Recently Funded Hard Money Loan in Glendale, CA for $220,000

Property / Loan Information
Property Type 8 unit Multi-Family
Lien Position 2nd TD
Loan Amount $220,000
Appraised Value $3,100,000
Occup Non-Owner Occ.
Lender Rate 10.00%
LTV on Appraisal 7.09%
Loan Type Business Purpose Cash Out
Amortization Interest Only Due in 24 mos.
Guaranteed Int. 6 months




Loan Scenario:

Self-employed borrower seeking a business purpose cash out to renovate property to increase rental rates.

Subject is a 2-story, 8 unit multi-family property in the heart of Glendale.  Property measures 7,401 sf of gross living area, and is situated on a 9,146 sf or .21 acre lot.  Property is in close proximity to major fwys 5,134, 2 and 210.  All the units are well maintained and each has typical vinyl, carpet and laminate flooring which varies by unit and is individually heated/cooled. One bdrm units currently rent for $1,450, 2 bdrm $1,750 – $1,900, 3bdrm $2,350.

We funded this business purpose cash out loan in Glendale within 4 business days from receiving our signed term sheet.