Long Beach Commercial Property

Long Beach Commercial Property

Property Address

1022 Long Beach Blvd, Long Beach, CA 90806
  • Loan Number: 7655
  • APN: 7273-008-008
  • County: Los Angeles
  • Appraised Value: $400,000.00
  • Loan Amount: $220,000.00
  • Loan Position: 1st
  • Interest: 10.25%
  • LTV (Loan to Value): 55%
  • Term: 36 Months

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LOAN: #7655
SUBJECT PROPERTY: 1022 Long Beach Blvd, Long Beach, CA 90806
APN 7273-008-008; Mixed-use zoning
1125 sq ft commercial building on an approx 7500 sq ft lot, with 10 on-site parking spaces 
APPRAISED VALUE: $400,000.00
LOAN AMOUNT: $220,000.00
INTEREST: 10.25%
TERM: 36 mos
LTV: 55%

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 borrower has been an existing client of FHLC for over thirteen years, with a good payment history. She is refinancing the subject property to pay off an existing FHLC loan and defaulted property taxes. The property is currently vacant and listed for sale at $500k, or for lease at $2.33 per sq ft. The borrower owns a variety of residential and commercial real estate in the Long Beach area. This property is located in the redevelopment area of Long Beach, and is adjacent to St. Mary's Medical Center.