Recently Funded Hard Money Loan in Huntington Beach, CA for $108,000

Property / Loan Information
Property Type 4 Unit Multi-Family
Lien Position 2nd TD
Loan Amount $108,000
Broker Price Opinion $1.62Mil
Occup Owner Occ.
Lender Rate 9.00%
CLTV on BPO 9.32%
Loan Type Business Purpose Cash Out
Amortization Interest Only Due in 60 mos.
Guaranteed Int. 12 months

 

 

 

Loan Scenario:

Self-employed Borrower seeking a business purpose investment cash out to invest in Borrower’s truck repair and leasing business.

Subject was a 2-story, 4 unit multi-family property 1.5 miles from the ocean.  Property measures 4,400 sf of gross living area, and is situated on a .191 acre lot.  Property is located next to Huntington Harbor in close proximity to many shops, entertainment and the ocean.  All the units were well maintained. .

Mortgage Vintage, Inc. was able to fund this hard money loan in Huntington Beach, CA within 3 business days from receiving the signed Term Sheet.