3 Properties / 9 Combined Rental Units in Hemet, CA

3 Properties / 9 Combined Rental Units in Hemet, CA
  • Loan Number: 7721
  • Appraised Value: $680,000.00 (Combined)
  • Loan Amount: $404,000.00
  • Loan Position: 1st
  • Interest: 9.75%
  • LTV (Loan to Value): 59%
  • Term: 36 Months

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Specifics

SUBJECT PROPERTIES:

#1: 167, 177 and 187 N. Columbia St, Hemet, CA 92543 (Triplex)

APN 445-220-025; 2061 total sq ft; Appraised Value $250,000.00 

#2: 460 N. Taylor and 831 E. Oakland Ave, Hemet, CA 92543 (Duplex) 

APN 443-154-001; 1879 total sq ft; Appraised Value $195,000.00

#3: 309 W. Latham Ave, Hemet CA 92543 (Fourplex)

APN 443-222-003; 2100 total sq ft: Appraised Value $235,000.00 

 

COMBINED APPRAISED VALUE: $680,000.00  

COMBINED MONTHLY INCOME: $6,320.00  

LOAN AMOUNT: $404,000.00
POSITION: 1st
INTEREST: 9.75%
TERM: 36 mos
LTV: 59%
 
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 co-borrowers have mid-FICO scores of 699 and 704. The properties are currently owned free and clear and all units are occupied, generating total monthly income of $6,320.  The loan proceeds will be used for a new SFR construction in Palm Springs.