Recently Funded Hard Money Loan in Los Angeles for $269,750

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $269,750
BPO Value $415,000
Occup Non-Owner Occ.
Lender Rate 9.50%
LTV on BPO Value 65.00%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 24 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

Self-Employed Borrower who owns a tow trucking business is seeking a loan to purchase additional tow trucks in order to expand his business. Subject Property is a 1,373 s.f. SFR sitting on a 5,972 s.f. lot with 3 bed/2 baths. Subject is in good condition and located on a residential street in a quiet neighborhood.  Subject is occupied and secured and in close proximity to the 105/405/110 FWYS, The Forum, Hollywood Park Casino, and LAX. Borrower plans to pay loan off with a conventional refinance.   Property is currently rented for $2,000/mo. Mortgage Vintage, Inc., was able to fund this hard money loan in Los Angeles, CA, within 3 business days from receiving the signed Term Sheet.