Recently Funded Hard Money Loan in Yucca Valley, CA for $426,000

Current and successful Mortgage Vintage client  wanted a business purpose cash out to consolidate the existing 1st and 2nd mortgages and to invest in his business. Borrower has owned the property for several years.Subject is an 8,136 s.f. single story retail multi-tenant center located in the the High Desert. The Property sits on a 15,300 s.f. lot and had an extensive remodel in 2003/2004.  Property is located off the main highway and has excellent visibility from the 29 Palms Hwy. Tenants are a mixture of well established long term tenants providing gross rental income of $5,919.52/mo.  There is currently one vacant suite and the Borrower is in negotiations to possibly lease the space.  The Property has a parking ratio of 4.7/1,000 s.f. with approximately 29 uncovered parking stalls.

Download Recent Transaction – $426,000 Business Purpose, Yucca Valley CA



Recent Transaction in Yucca Valley, CA – Cash Out Refinance

Property / Loan Information
Property Type Commercial Bldg, Retail
Lien Position 1st TD
Loan Amount $275,000
Est. Value $1,060,000
Occup Non-Owner Occ
Note Rate 11%
LTV on Est Value 25.94%
Loan Type Cash Put Refinance
Amortization Interest Only Due in 2 years
Guaranteed Interest 6 months

 


Loan Scenario:

Owner of Commercial Retail Building in Yucca Valley looking for cash-out to build and launch an online platform, www.buildeffective.com, for kitchen design and remodeling.  Subject Property is an 8,136 sq. ft. Southwest style commercial retail center located in the heart of the High Desert. There was extensive remodeling completed in 2003/2004.  Property is located in the center of town off the main highway.  Property had a lot split last year and the other sister building was sold for $795k ($130/s.f.).  Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.


Cash-Out Refinance Loan Funded – Yucca Valley

Yucca Valley, CA

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Property / Loan Information
Property Type SFR
Lien Position 1st TD
Loan Amount $73,800
BPO Valuation $123,000
Occup Non-Owner Occ.
Interest Rate 12.00%
LTV on BPO Valuation 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, Contractor and Owner of a decorative concrete construction company looking for a cash-out to complete rehab of the property and to purchase additional investment properties.
Property is a 4 bed, 2.5 baths zoned SFR with a permitted Guest House. Property is currently under renovation and will be completed by February 2014. Mortgage Vintage, Inc. was able to fund the loan quickly within 3 business days from receiving the signed Term Sheet.