New SFR Construction in Big Bear Lake

New SFR Construction in Big Bear Lake

Property Address

1265 Pigeon Road, Big Bear Lake, CA 92315
  • Loan Number: 7981K
  • APN: 0310-284-37
  • County: San Bernardino
  • Appraised Value: $915,000.00
  • Loan Amount: $585,000.00
  • Loan Position: 1st
  • Interest: 10.5%
  • LTV (Loan to Value): 64%

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Specifics

LOAN: #7981K
SUBJECT PROPERTY: 1265 Pigeon Road, Big Bear Lake, CA 92315
New construction of a 4-bed/3-1/2 bath SFR; 3500 sq ft w/extensive decking and a 2-car attached garage
APN: 0310-284-37
APPRAISED VALUE: $915,000.00 (as-completed)
LOAN AMOUNT:
$585,000.00
POSITION: 1ST
INTEREST: 10.5%
TERM: 18 mos, I/O
LTV: 64% of as-completed value

There is a late charge of 10% of the payment (after 10 days)
There is a balloon payment on this loan
This loan is interest-only

SPECIFICS:  The subject property is located in a residential area with very close proximity to Bear Mountain ski resort as well as Bear Mountain Golf Course. Plans have been approved and construction is ready to commence. Our borrower is an experienced builder with a mid-FICO of 685.