New Construction of 4 SFRs in Riverside, CA

New Construction of 4 SFRs in Riverside, CA

Property Address

5417 Mitchell Ave, Riverside, CA 92505
  • Loan Number: 7922K
  • APN: 149-320-002
  • County: Riverside
  • Appraised Value: $1,650,000 (as-completed)
  • Loan Amount: $1,050,000
  • Loan Position: 1st
  • Interest: 10.5%
  • LTV (Loan to Value): 64%

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Specifics

SUBJECT PROPERTY: 5417 Mitchell Ave, Riverside, CA 92505
APN: 149-320-002
New construction of 4 SFRs on 2.17 acres that have been subdivided into four large single family residential lots 
AS-COMPLETED APPRAISED VALUE: $1,650,000 
LOAN AMOUNT: $1,050,000.00
POSITION: 1st
INTEREST:
10.5%
TERM: 18 mos
LTV: 64% of the completed value

There is a late charge of 10% of the monthly payment (after 10 days)
This loan is interest-only
This loan does not include a pre-payment penalty

SPECIFICS:  We are providing funds in the amount of $175,000 towards the $350,000 lot purchase, and additional funds are earmarked for construction of four modular homes of approximately 1800 sq ft each. The lots will be large enough to accommodate horses as is the case with several surrounding properties. A community park facility is just south of the subject property. The borrower is an experienced builder and the Inland Empire housing market remains on an upward curve with regard to both values and demand. The homes will offer views of the surrounding mountains and are conveniently located within a few miles of both the 91 and I-15 freeways.