Recent Transaction – Temecula, CA Business Purpose Purchase

Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $516,000
Purchase Price $645,.000
Occup Non-Owner Occ.
Interest Rate 10.99%
LTV on Purchase Price 80%
Loan Type Business Purpose Purchase
Amortization Interest Only Due in 12 months
Guaranteed Interest 90 days


Loan Scenario:

681 Mid FICO Real Estate Investor looking to purchase SFR for rental income. Borrower is putting in over $120k of own cash in this investment and needs quick closing, borrower will attempt to obtain conventional refinance after 3 mo. Minimum term.  Subject Property is a 4 bdr, 3 baths two-story SFR sitting on a large 10,400 s.f. lot located in Temecula, CA overlooking the Redhawk Golf Course with upgraded kitchen includes beautiful cabinets, granite and a large center island.  Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.