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.