New Construction of 2 SFRs in Lake Elsinore, CA

New Construction of 2 SFRs in Lake Elsinore, CA

Property Address

33209 and 33217 Zellar Street, Lake Elsinore, CA 92530
  • Loan Number: 7943K
  • APN: 383-041-026 and 028
  • County: Riverside
  • Appraised Value: $470,000.00
  • Loan Amount: 305,500.00
  • Loan Position: 1st
  • Interest: 10.5%
  • LTV (Loan to Value): 65% of as-completed value
  • Term: 12 Months

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Specifics

LOAN: #7943K
SUBJECT PROPERTY: 33209 and 33217 Zellar St, Lake Elsinore, CA 92530
APNs 383-041-026 and 028 

APPRAISED VALUE: $470,000.00
LOAN AMOUNT: $305,500.00
POSITION: 1st
INTEREST: 10.50%
TERM: 12 mos (interest-only) 
LTV: 65%
 
There is a late charge of 10% of the payment (after 10 days)
There is no prepayment penalty on this loan
This loan is interest-only 

 

SPECIFICS:  Our borrower is purchasing these Lake Elsinore lots for construction of two 4-bed/2-bath manufactured homes to be built on permanent foundations. Our borrower is an experienced developer, and will be listing these spec homes for sale once construction is complete.