Recently Funded Hard Money Loan in Malibu for $400,000

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $400,000
BPO Value $1.8Mil
Occup Non-Owner Occ.
Lender Rate 8.00%
LTV on BPO Value 22.22%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 24 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

617 FICO Borrower/Retired Camarillo, CA, resident, is seeking a hard money loan to make improvements on subject property.  Borrower has experience in property management as he was in this industry for approximately 15 years.  Borrower plans to pay off existing 1st lien during this transaction. Subject property is an SFR in Malibu, CA, consisting of 2,639 S.F. of gross living area situated on 9,946 S.F. lot.  Subject features a beautiful panoramic view of the Pacific Ocean and City lights, 3 bedrooms, 2 baths, large driveway leading up to the subject property and located within close proximity to the Pacific Ocean, shopping, schools and local parks.  Subject is in a highly desirable Malibu Hills area.  Mortgage Vintage, Inc., was able to fund this hard money loan in Malibu, CA within 3 business days from receiving the signed Term Sheet.