Rental Purchase Loan Funded – Los Angeles, CA

Los Angeles, CA

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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $225,550
Purchase Price $347,000
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:

Real Estate Investor looking to purchase Mixed Use Commercial/Residential property for fix and rent.  Borrower is putting in over $120k cash into this purchase and will fix up the property and increase rents to $4k/mo.  Subject Property is in a 3 unit, Mixed Use property located in Los Angeles. Property has a mini market in the front, a 4 bed, 1.5 baths in the 2nd unit and a 1 bed/1 bath in the back unit. Property is currently rented for $3,500/mo providing a 7.9% cap rate on the purchase price with 35% expense ratio. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.