Recently Funded Hard Money Loan in San Bernardino for $110,500

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $110,500
BPO Value $170,000
Occup Non-Owner Occ.
Lender Rate 10.00%
LTV on BPO Value 65.00%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 36 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

Self-Employed Borrower looking for cash-out to complete remodel on subject property and purchase additional investment property. Subject property is a 7,750 s.f. fenced lot (0.18 acre) with 4 bedrooms/2 bath SFR located in the Inland Empire. Subject property is located near schools, parks, shopping centers and the 215 and 210 freeways.  Owner has owned the house as a rental and decided to remodel and add square footage. Mortgage Vintage, Inc. was able to fund this hard money loan in San Bernardino within 3 business days from receiving the signed Term Sheet.