9600 sq ft lot zoned HC/Office-Commercial. Proposed construction-improvements consist of a 1-story wood frame and stucco structure of approx 2700 sq ft. Mission tile roof w/storefront windows, 11 parking spaces (street parking is also available) and loading zone.

APPRAISED VALUE: $620,000.00 As If Completed Value (Nov 27, 2011).

(view appraisal)

LOAN TERMS

TOTAL LOAN AMOUNT: $304,000.00*

* This loan will be incrementally funded

POSITION: 1st

INTEREST: 11.5%

TERM: 12 mos

LTV: 49%

There is a late charge of 10% of the payment (after 10 days)

There is no prepayment penalty on this loan

This loan contains a balloon payment

SPECIFICS: Our borrowers purchased the subject lot in 2007 for $130,000.00, and own the property free and clear. They have approved plans for a 4-unit commercial/retail building, and have already paid for architectural plans, soil plans and soil report, grading plans, land survey and land development plans, as well as the appraisal for the completed project. The borrowers are now ready to commence construction.

A cost breakdown, site pictures, and a copy of the plans can be provided upon request.

This construction loan will be incrementally funded; our initial funding request is for $100,000.00.   

Information Subject to Change