New Commercial Bldg in Rialto, CA

New Commercial Bldg in Rialto, CA

Property Address

390 N. Palm Avenue, Rialto, CA 92376
  • Loan Number: 7584
  • APN: 0130-031-06-0000
  • Appraised Value: $715,000.00
  • Loan Amount: $385,000.00
  • Loan Position: 1st
  • Interest: 10.25%
  • LTV (Loan to Value): 54%
  • Term: 60 Months

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Specifics

LOAN: #7584
SUBJECT PROPERTY: 390 N. Palm Ave, Rialto, CA 92376 
Office/Commercial space; 4 units built in 2012 and fully leased
Approximately 2700 sq ft one-story wood frame and stucco structure on 9600 sq ft lot 
APPRAISED VALUE: $715,000.00 

LOAN AMOUNT: $385,000.00
POSITION: 1st
INTEREST: 10.25%
TERM: 60 mos
LTV: 54%

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 borrowers (a married couple) purchased this lot in 2007 for $130,000 and built a 4-unit office/commercial building. They are now requesting a refinance loan to pay off the construction loan of $285,000, as well as provide some additional cash to purchase equipment for the onsite space occupied by a business the wife owns and operates.  The current rental income for the property is $4800 per mo.