- Loan Number: 8027K
- APN: 7509-015-014
- County: Orange
- Appraised Value: $2,500,000.
- Loan Amount: $1,515,000.
- Loan Position: 1st
- Interest: 9.5%
- LTV (Loan to Value): 61%
SUBJECT PROPERTY: 824 Avenue A, Redondo Beach, CA 90277
Proposed construction of a 3-bed/4-bath; 3360 sq ft SFR w/2-car garage on a 6080 sq ft lot
AS-IS APPRAISED VALUE: $2,500,000.
LOAN AMOUNT: $1,515,000.00
TERM: 18 mos
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
This loan is interest-only
SPECIFICS: Our borrower has a 763 mid-FICO and purchased the subject property in 2016 for$1,072,000. He will be demolishing the existing SFR and building a new 2-story, 3360 sq ft home on the property. He has contracted with a licensed contractor to complete the project; plans have been approved and the permit is ready to be issued. Construction funds will be managed by Buildzig.The borrower will be bringing in $100k to our escrow prior to close. Our loan includes a payoff of the existing loan on the property in the amount of $775,000; cost breakdown for the construction is $745,000. The property will be marketed for sale as it nears completion.