Cash-Out Loan Funded – Santa Barbara

Santa Barbara, CA
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Property / Loan Information
Property Type Residential Tri-Plex
Lien Position 2nd TD
Loan Amount $85,000
BPO Value $1,200,000
Occup Non-Owner Occ.
Interest Rate 13.25%
CLTV on BPO Value 55.33%
Loan Type Business Purpose Cash-Out
Amortization 40 Year amort/due in 2 years
Guaranteed Interest 6 months


Loan Scenario:

Real Estate Investor looking for cash out to upgrade the subject property including landscaping, paving and new laundry facilities. Property is a 6 bdr, 3 baths Tri-Plex located in Santa Barbara within walking distance from the beach, shopping, transportation and schools. Borrower plans to provide new landscaping on the property, repave the parking area and include onsite laundry which will improve and add value and more cash flow to the subject property.Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.