2 SoCal Residential Rental Properties

2 SoCal Residential Rental Properties

Property Address

42305 N. Shore Dr, Fawnskin, CA; and 9643 Spyglass Ave #41, Desert Hot Springs, CA
  • Loan Number: 7788
  • Appraised Value: $516,000. (combined)
  • Loan Amount: $335,500.
  • Loan Position: 1st
  • Interest: 10.25%
  • LTV (Loan to Value): 65%
  • Term: 36 Months

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Specifics

SUBJECT PROPERTY #1: 42305 N. Shore Drive, Fawnskin, CA 92333 (Big Bear area)

1,601 sq ft SFR w/a 500 sq ft guest house and 2-car garage on a 19,875 sq ft lot 

SUBJECT PROPERTY #2: 9643 Sypglass Ave, #41, Desert Hot Springs, CA 92240 

1-bed/1-bath condo; 567 sq ft  


COMBINED APPRAISED VALUE:
$516,000.00
LOAN AMOUNT: $335,500.00
POSITION: 1st
INTEREST: 10.25%
TERM: 36 mos
LTV: 65%
 
There is a late charge of 10% of the payment (after 10 days)
There is no prepayment penalty on this loan 
This loan is partially amortized and contains a balloon payment

 

SPECIFICS: Our borrower is refinancing these investment properties; we are paying off an existing first of approximately $267k.  She will be obtaining some cash out as well for improvements on rental properties and cash reserves. The borrower has a 685 mid-FICO and is an experienced real estate investor.