Big Bear Lake Construction Loan

Big Bear Lake Construction Loan

Property Address

903 Great Spirits Way, Big Bear Lake, CA 92315
  • Loan Number: 7688K
  • APN: 0309-221-11
  • Appraised Value: $860,000.00 (as-completed)
  • Loan Amount: $562,500.00
  • Loan Position: 1st
  • Interest: 10.25%
  • LTV (Loan to Value): 65% of completed value
  • Term: 12 Months

View Appraisal

Download

Specifics

SUBJECT PROPERTY: 903 Great Spirits Way, Big Bear Lake, CA 92315 
10,052 sq ft vacant lot on cul-de-sac with lake view; APN 0309-221-11 

APPRAISED VALUE:
$860,000.00 (as-completed) 
LOAN AMOUNT: $562,500.00
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 contains a balloon payment

 

SPECIFICS:  The subject property is on a cul-de-sac and offers lake views. The SFR to be constructed will be 3450 sq feet with 4 bedrooms and 3-1/2 baths with an attached 3-car garage.  

 

We have made several loans to this borrower and they have an excellent payment history. One loan was a construction loan in the same Big Bear Lake area which was completed on time and is scheduled to close escrow in early July.