Multi-Use Property in San Diego County

Multi-Use Property in San Diego County

Property Address

1602 Rachael Ave, National City, CA 92376
  • Loan Number: 7585
  • APN: 558-220-08
  • County: San Diego
  • Appraised Value: $440,000.00
  • Loan Amount: $267,000.00
  • Loan Position: 1st
  • Interest: 10.5%
  • LTV (Loan to Value): 61%
  • Term: 60 Months

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Specifics

LOAN: #7585
SUBJECT PROPERTY: 1602 Rachael Ave, National City, CA 92376
Office/Commercial/Residential Mixed-Use property built in 2008.
2801 sq ft on a 6534 sq ft lot
APPRAISED VALUE: $440,000.00 
LOAN AMOUNT: $267,000.00
POSITION: 1st
INTEREST: 10%
TERM: 60 mos
LTV: 61%

There is a late charge of 10% of the payment (after 10 days)
There is no prepayment penalty on this loan
This loan is amortized over 20 years but due in 5
This loan contains a balloon payment

SPECIFICS:  Our borrowers built this property in 2008; we will be paying off the original loan on the property. The borrowers (husband and wife) own and operate a realty business onsite. Additionally, a second office is rented for $xxx per mo, and an onsite 3-bedroom apartment is rented for $1300 per mo. This loan is amortized over 20 years in order to allow for a high rate of principal pay-down.