Big Bear Lake Construction Loan

Big Bear Lake Construction Loan

Property Address

40377 Lakeview Drive, Big Bear Lake, CA 92315
  • Loan Number: 7633
  • Appraised Value: $675,000.00 (As-Completed)
  • Loan Amount: $438,000.00
  • Loan Position: 1st
  • Interest: 10.25%
  • LTV (Loan to Value): 65%
  • Term: 12 Months

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Specifics

SUBJECT PROPERTY: 40377 Lakeview Drive, Big Bear Lake, CA 92315
4-bed/3-1/2 bath SFR Spec Home; 3210 sq ft w/decking and 3-car garage on a 18,300 sq ft lot
AS-COMPLETED APPRAISED VALUE: $675,000.00
LOAN AMOUNT: $438,000.00
POSITION: 1st
INTEREST: 10.25%
TERM: 12 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 contains a balloon payment

SPECIFICS:  Our co-borrowers own the subject site free and clear and have paid for the architectural plans which have been city-approved; permits are ready to be pulled. The property offers partial lake views. Funds will be disbursed via fund-control through a neutral third party (BuildZig), with regular inspections.