Rental Purchase Loan Funded – Simi Valley, CA

Simi Valley, CA
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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $350,000
Purchase Price $500,000
Occup Non-Owner Occ.
Interest Rate 10.75%
LTV on Purch. Price 70.00%
Loan Type Rental Purchase
Amortization 40 Year amort/due in 3 years
Guaranteed Interest 6 months

Loan Scenario:

Real Estate Investor, previous borrower of Mortgage Vintage, Inc. and licensed general Contractor with proven rehab fix and rent experience is purchasing this SFR for rental income.  Borrower is putting over $150k of own down payment cash into this purchase and over $30k into the rehab. Subject Property is a 3 bdr, 1.75 baths SFR sitting on a large 2 acre lot located in Simi Valley. Property overlooking the Arroyo with views of the Simi Valley hillsides with lots of potential for development. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.