8.9 Acres in San Diego County

8.9 Acres in San Diego County

Property Address

515 La Cresta Road, El Cajon, CA
  • Loan Number: 7845
  • APN: 509-020-30/31/42/46/48
  • County: San Diego
  • Appraised Value: $1,000,000.
  • Loan Amount: $317,000.00
  • Loan Position: 1st
  • Interest: 11%
  • LTV (Loan to Value): 32%
  • Term: 36 Months

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Specifics

SUBJECT PROPERTY: 515 La Cresta Road, El Cajon, CA 92021  8.9 contiguous acres in the Crest/El Cajon area of San Diego County, CA

APNs:
509-020-30/31/42/46/48
APPRAISED VALUE: $1,000,000.00
LOAN AMOUNT: $317,000.00
POSITION: 1st
INTEREST: 11%
TERM: 36 mos
LTV: 32%

There is a late charge of 10% of the payment (after 10 days)
There is no prepayment penalty on this loan
This loan is interest-only

This loan contains a balloon payment

SPECIFICS:  Our borrower has an Experian credit score of 623; she has accumulated the five parcels encompassing this loan over the last 20 years. We will be paying off an existing first and providing additional funds of approx $100k to allow for improvements including a perimeter fence and 350-gallon green water tank on lot 30, electrical services to lots 30 and 31, and re-grading of all roads with the addition of white decomposed granite as well. Property taxes are current but those due 12/10/15 for all lots will be paid with loan proceeds at closing, as well as a $1M liability policy naming the investor as an additional insured.