Rental Purchase Loan Funded – Covina, CA

Covina, CA

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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $715,000
Purchase Price $1.1Mil
Occup Non-Owner Occ.
Interest Rate 10.50%
LTV on Purch. Price 65.00%
Loan Type Rental Purchase
Amortization Interest Only due in 24 mos.
Guaranteed Interest 6 months


Loan Scenario:

673 Mid FICO and Real Estate Investor purchasing this SFR to fix and keep for rental income.  Borrower is putting over $385k of own down payment cash into this purchase. Subject Property is a large 4,460 s.f Spanish-style SFR with Guest House sitting on 1.53 acre lot with 5 beds, 5 baths located in Covina Hills, CA.  Property was built in 1924 but has been remodeled within the last 5 years with newer kitchen, grand living room, large wood balcony and decks. Property has panoramic view and private gates with park-like front yard.  Property is currently rented for $6,500/mo. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.