- Loan Number: #7470K
- Appraised Value: $620,000.00 As If Completed Value (Nov 27, 2011).
- Loan Amount: $304,000.00 - This loan will be incrementally funded
- Loan Position: 1st
- Interest: 11.5%
- LTV (Loan to Value): 49%
- Term: 12 Months
SpecificsThere 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
Our borrowers purchased the subject lot in 2007 for $130,000.00, and own the property free and clear. They have approved plans for a 4-unit commercial/retail building, and have already paid for architectural plans, soil plans and soil report, grading plans, land survey and land development plans, as well as the appraisal for the completed project. The borrowers are now ready to commence construction.
A cost breakdown, site pictures, and a copy of the plans can be provided upon request.
This construction loan will be incrementally funded; our initial funding request is for $100,000.00.
Information Subject to Change