Recently Funded Hard Money Loan in La Quinta for $211,250

 

Loan Type Business Purpose Cash-Out

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $211,250
Lender Est. Value $325,000
Occup. Non-Owner
Lender Rate 9.25%
LTV on Lender Est. Value             65.00%
Amortization Interest Only Due in 36 mos. (Balloon)
Borrower FICO               781

 

 

Loan Scenario:

781 MID FICO Real Estate Investor looking for a cash-out loan to make repairs on subject property. The subject property is 1,701 s.f. on a 10,019 s.f. lot located in the high desert area of La Quinta.  Subject property is located to close proximity of hiking trails and mountain views and near many attractions including casinos, golf courses, high-end resorts, a regional airport and various highways like the 74, 111, 86 and 10 FWYS.
The subject property is in need of deferred maintenance with landscaping of which borrower intends to repair with loan amount requested. Property is currently rented for $2,000/mo.
Mortgage Vintage, Inc., was able to fund this hard money loan in La Quinta, CA, within 3 business days from receiving the signed Term Sheet.