Rental Property Purchase Loan Funded – La Quinta

La Quinta, CA
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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $302,250
Purchase Price $465,00
Occup Non-Owner Occ.
Interest Rate 10.75%
LTV on Purch. Price 70.00%
Loan Type Rental Purchase
Amortization 30 Year amort/due in 12 months
Guaranteed Interest 3 months

 

Loan Scenario:
Real Estate Investor, Contractor and Owner of a decorative concrete construction company looking to purchase SFR for investment. Borrower is putting over $200k of own cash into this investment. Property is a 4 bed, 3.5 baths SFR in the gated community of Rancho Santana city of La Quinta. Property is sitting on a large 10,454 sq. ft. lot with granite counter kitchen, bar area, 2 fireplaces and side porch with a view.
Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.