- Loan Number: 7559K
- APN: 0300-201-26-0000
- County: San Bernardino
- Appraised Value: $430,000.00 (As-Completed)
- Loan Amount: $250,000.00 (to be incrementally funded)
- Loan Position: 1st
- Interest: 11%
- LTV (Loan to Value): 58%
- Term: 36 Months
SUBJECT PROPERTY: 31587 Alta Vista Drive, Redlands, CA 92374
Existing SFR to be converted into a 2973 sq ft Child Care Facility; 2973 sq ft on a 26,633 sq ft lot.
Property is zoned residential or commercial
APPRAISED VALUE: $430,000.00 (as-completed)
LOAN AMOUNT: $250,000.00
TERM: 36 mos
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
This loan will be incrementally funded
SPECIFICS: Our borrowers purchased the subject property in 2009 for $189,000.00, and the property is owned free and clear. They have approved plans to convert the property into an owner-operated child care facility, and are requesting a construction loan in the amount of $250,000. They have already paid for the complete plans, city permits, and all financing costs upfront and are ready to begin construction. They currently own and operate a child care center in the area.
This loan will be incrementally funded, with an initial funding request of $75,000.