Recently Funded Hard Money Loan in Riverside, CA for $205,000

Borrower was seeking a Business Purpose Cash-Out Refinance to make improvements to the property with an exit strategy of selling the property.

Subject has 2 detached, 1 story, single family residences.  The two units were built at two different times. Unit one was built in 1933 and unit two was built in 1972.  Unit one is a one bedroom 1 bathroom unit. Unit two is a two bedroom, one bathroom unit.  The second unit has been fixed up more than the first unit. However, the property as a whole needs some cosmetic repair work. Unit one rents for $800 and unit two rents for $1,020.

Recent Transaction – $205,000 Business Purpose, Riverside, CA


Recently Funded Hard Money Loan In Riverside, CA for $130,000

Good credit borrower was seeking this Business Purpose Cash-Out Refi loan to make tenant improvements to this single tenant commercial mixed use property.  Ownership of property is held in an LLC.

Subject consists of 3 contiguous land parcels which together total 1.18 acres. The 8551 Mission Blvd. building consists of an 8,960 sf industrial bldg. with 6 offices, 7 loading docks, 2 bathrooms, and 3 refrigeration units. The 8553 Mission Blvd. building consists of a SFR with 1,283 sf of living area with 3 bdrms and 2 bathrooms. The SFR is used as office space.

Recent Transaction – $130,000 Business Purpose, Riverside CA


Recently Funded Hard Money Loan in Riverside, CA $107,500

Property / Loan Information
Property Type Single Family Residence
Lien Position  2nd TD
Loan Amount $107,500
Broker Opinion $450,000
Occup Owner Occ.
Lender Rate 10.25%
LTV on BPO Value 65.00%
Loan Type Business Purpose Cash Out
Amortization Interest Only Due in 36 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

Borrower was seeking this Business Purpose Cash Out loan in Riverside to invest in his growing consulting business.

Subject is a 2 story SFR with 4 bedrooms, 2.5 bathrooms.  Property is located in Riverside, CA conveniently located near shops and entertainment.  The property measures 2,792 sf on a 7,405 sf lot.  The Property features a nice backyard with a pool.

Mortgage Vintage, Inc. was able to fund this hard money loan in Riverside, CA, within 3 business days.

 

 


Recently Funded Hard Money Loan in Riverside for $39,000

 

Property / Loan Information
Property Type SFR
Lien Position 2nd TD
Loan Amount $39,000
BPO Value $312,500
Occup Non-Owner
Lender Rate 11.00%
CLTV on BPO Value 60.16%
Loan Type Business Purpose Cash-Out
Amortization Interest Only Due in 60 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

Real Estate Investor looking for a cash-out to make repairs on subject property. The subject property is a 1-story 1,000 S.F. SFR built on a 10,890 S.F. lot located in Riverside.  The subject property is located within close proximity of the Galleria at Tyler Mall, Castle Amusement Park and the 91 FWY. Mortgage Vintage, Inc., was able to fund this hard money loan in Riverside, CA, within 3 business days from receiving the signed Term Sheet.


Business Purpose Loan Funded – Riverside, CA

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $113,750
Purchase Price $175,000
Occup Non-Owner Occ.
Interest Rate 10.50%
LTV on Purch Price 75.00%
Loan Type Business Purpose Purchase
Amortization Interest Only due in 3 years
Guaranteed Interest 180 Days


Loan Scenario:

789 Mid FICO Real Estate Investor looking to purchase SFR for fix and rent. Borrower is bringing over $60k into this investment. Subject Property is a 3 bdr, 1 bath. SFR on a large 7,841 s.f. lot located close to schools, parks and freeways in Riverside. Property has an addition that is not permitted totaling approx. 1,200 s.f. of living space; borrower plans to obtain permits. BPO valuation is not dependent on the unpermitted additions. Borrower plans to put in $20k to rehab the property for cash flow. Property will be rented for $1,250/mo in March 2015. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.

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