Rental Purchase Loan Funded – San Bernardino

San Bernardino, CA
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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $80,250
BPO Value $140,000
Occup Non-Owner Occ.
Interest Rate 11.25%
LTV on BPO Value 57.32%
Loan Type Fix and Rent
Amortization 40 Year amort/due in 3 years
Guaranteed Interest 6 months

Loan Scenario:

649 FICO Real Estate Investor looking to purchase SFR for rental income. Borrower is putting in over $20k of own cash to purchase the property. Subject Property is a 2 bdr, 1 bath Ranch-style SFR located on a quiet neighborhood of San Bernardino.  Property is conveniently located close to the 210 and 215 FWY.  Borrower is putting in approx. $5k to upgrade the property with new paint, carpet and kitchen cabinets.  Property will be rented for $900/mo. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.