Multi-Family Offering in Highland, CA

Multi-Family Offering in Highland, CA

Property Address

25180 Fifth St, Highland, CA and 25374 Court St, Highland, CA
  • Loan Number: 7521
  • Appraised Value: $245,000.00
  • Loan Amount: $150,000.00
  • Loan Position: 1st
  • Interest: 11%
  • LTV (Loan to Value): 61%
  • Term: 36 Months

Specifics

Four condominium units located at 25180 Fifth Street, Highland, CA 92346  

(Units 163, 182, 198 and 207 in the Villa Del Rosa complex)  

Three units are 2-bed/2.5 bath; 1191 sq ft. One unit is 3-bed/2.5 bath; 1236 sq ft.  

Duplex located at 25374 Court Street, Highland, CA 92410 
Two 2-bed/1-bath units totaling 1500 sq ft on a 9024 sq ft lot.

There is a late charge of 10% of the payment (after 10 days)

There is no pre-payment penalty on this loan 

This loan contains a balloon payment


Our borrower purchased these investment units in 2009 and 2010, and is refinancing a current loan with some cash out for additional investment purposes. The four condominium units each include a fireplace, patio, and single-car garage. Three of the units are rentals, and the fourth unit is occupied by a handyman employee of the owner/borrower. The combined rent for the three condo units is $2650. The duplex units received a complete interior build-out in 2010, and currently rent for $700 ea, $1400 total. Combined rents for all 6 units we will be encumbering with this loan are currently $4050.00.