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Deal Details
Private Loan Type
2nd Mortgage
Approx. Funding Date
06/13/2019
Property Type
Property City
Huntington Beach
Property State
CA
Loan Term (months)
60
Lien Type
2nd Mortgage
Payment Type
Interest Only
Loan-to-Value
59.85%
Term
5 years
Interest Rate
10.50%
Deal Summary
The Scenario
The Borrower was seeking a business purpose 2nd TD on a multifamily property in Huntington Beach, Orange County, CA. They were restructuring the 1st TD at a low rate with a commercial bank and paying off an existing 2nd TD where the Note was coming due. The subject property was a well-maintained 12-unit multifamily property sitting 2 blocks from the beach. The unit mix featured 1 – 4BR/3BA unit, 6 – 2BR/1BA units, and 5 – 1BR/1BA units for a grand total of 45 total rooms, 21 bedrooms, and 14 baths.
The Loan
The appraised value was $5.2M, 2nd TD Loan Amount of $512,000, and the combined LTV was 59.85%. The interest rate was 10.50%, interest-only, 5-year loan term, 6 months Guaranteed Interest, and months prepaid interest. MORTGAGE VINTAGE VALUE-ADD: Due to LTV constraints the commercial bank couldn’t pay off the full combined balance of the 1st & 2nd mortgages. We quickly stepped in and paid off the remaining balance while adhering to the strict underwriting guidelines of the commercial lender holding the 1st trust deed. This private money loan was funded in June 2019.
Funded By
Mortgage Vintage
Fast and Professional Hard Money Loans (1st or 2nd lien)