SpecificsSUBJECT PROPERTY: 1209 S. Minton Ave, Big Bear City, CA 92314
New SFR construction; 3-bed/2-bath w/deck. Approx 1616 sq ft on an 8003 sq ft lot.
APPRAISED VALUE: $408,000.00
LOAN AMOUNT: $266,500.00
TERM: 12 mos
LTV: 65% of as-completed value
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
SPECIFICS: Our borrowers are excellent clients of FHLC; we have funded previous construction loans with them and all have been completed on time and on budget, with consistent, timely monthly payments. As with their other projects, this is a spec home which will be marketed for sale. Fund control will be managed by a neutral third-party (BuildZig).