- Loan Number: 7640
- APN: 564-051-09-00; 564-051-09-10; 564-151-11-00
- County: San Diego
- Appraised Value: $750,000.00
- Loan Amount: $430,000.00
- Loan Position: 1st
- Interest: 10.25%
- LTV (Loan to Value): 58%
- Term: 36 Months
SpecificsSUBJECT PROPERTY: 2672 Ridgeway Drive and 2626 Granger Ave, National City, CA 91950
Two Adjacent Commercial Properties, Zoned RU (Retail, Warehouse, Urban Residential and Commercial uses allowed). Three legal parcels totaling 20,909 sq ft (approx .48 AC); APNs 564-051-09-00/10 and 564-051-11-00
APPRAISED VALUE: $750,000.00
LOAN AMOUNT: $430,000.00
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
SPECIFICS: The subject properties are an older 2-story brick masonry commercial building and a separate single-story auxiliary building; both were built in the 1948 time frame. Our borrowers own and operate the on-site tortilla factory, and are in the process of opening a produce-retail store at the same location. They also lease the adjacent property for $1500 per mo.
The borrowers are refinancing in order to obtain additional funds to complete minor renovations and finalize the grocery-retail store. They are experienced business owners of 20 years, and partners in another produce-retail business in El Cajon, CA.
The property was purchased in May 2013 for $620k, and the owners have been conducting repairs and renovations since that time. We will pay off the two existing loans on the property, and are encumbering, via a UCC-1, all of the equipment and machinery (a copy of the UCC-1, as well as pictures of the corresponding equipment, can be provided).