Recently Funded Hard Money Loan in Victorville, CA for $70,000

Property / Loan Information
Property Type Residential Manufactured Home
Lien Position 1st TD
Loan Amount $70,000
Broker Price Opinion $123,000
Occup Non-Owner Occ.
Lender Rate 10.75%
LTV on BPO 56.91%
Loan Type Business Purpose Cash Out
Amortization Interest Only Due in 36 mos.
Guaranteed Int. 6 months

 

 

 

Loan Scenario:

Real Estate Investor looking to purchase this Residential Manufactured Home for rental income. Subject Property is a Single Family Manufactured Home built in 1988 with 3 bedrooms, 2 full baths and 1,188 square feet of living space in Victorville, CA. Manufactured Home has permanent foundation permit and sits on a large 1.03 acre lot. Property is in a rural and suburban area, close to grocery stores and parks.

Mortgage Vintage, Inc. was able to fund this hard money loan in Victorville, CA within 3 business days from receiving the signed Term Sheet.

 

 


Cash-Out Loan Funded – Victorville, CA

Victorville, CA
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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $105,000
BPO Value $175,000
Occup Non-Owner Occ.
Interest Rate 11.25%
LTV on BPO Value 60.00%
Loan Type Business Purpose Cash-Out
Amortization 40 Year amort/due in 3 years
Guaranteed Interest 6 months


Loan Scenario:

Real Estate Investor looking for a cash-out to upgrade the subject rental property. Subject Property is a 4 bed, 2 baths SFR sitting on a large 7,500 sq. ft. lot conveniently located close to the 15 FWY. Property is carpeted throughout with granite countertop kitchen, fireplace and swimming pool.  Property is currently providing rental income of $850/mo. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.


$105,000 1st Trust Deed at 8.75% – Victorville, CA

Victorville, CA – Funded 6/10/14

Property / Loan Information
Property Type SFR
Lien Position 1st Trust Deed
Trust Deed Amount $105,000
Current Valuation $187,000
Amortization and Term 40 Year amort/due in 3 years
LTV on Current Value 56.15%
Loan Type Business Purpose Cash-Out
Occupancy Non-Owner Occupied
Rate for Investor 8.75%
Loan Maturity 8/01/2017