Big Bear Construction Loan

Big Bear Construction Loan

Property Address

1209 S. Minton Ave, Big Bear City, CA 92314
  • Loan Number: 7799K
  • APN: 2350-062-22
  • Appraised Value: $408,000.00 (as-completed)
  • Loan Amount: $266,500.00
  • Loan Position: 1st
  • Interest: 10.5%
  • LTV (Loan to Value): 65%
  • Term: 12 Months

Specifics

SUBJECT 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.

APN 2350-062-22 

APPRAISED VALUE: $408,000.00  

LOAN AMOUNT: $266,500.00
POSITION: 1st
INTEREST: 10.5%
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).