New SFR Construction in San Dimas, CA

New SFR Construction in San Dimas, CA

Property Address

215 W. Gladstone St, San Dimas, CA 91773
  • Loan Number: 7887K
  • APN: 8392-014-038
  • County: Los Angeles
  • Appraised Value: $950,000.00 (as-completed)
  • Loan Amount: $615,000.00
  • Loan Position: 1st
  • Interest: 10.75%
  • LTV (Loan to Value): 65% of as-completed value

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Specifics

SUBJECT PROPERTY: 215 West Gladstone Street, San Dimas, CA 91773

Proposed construction of a 5-bed/3-1/2 bath SFR; 3,951 sq ft on a 15,720 sq ft lot 

APN: 8392-014-038 (LA County) 


APPRAISED VALUE:
$950,000.00 (Nov 2015)

LOAN AMOUNT: $615,000.00 
POSITION: 1st
INTEREST: 10.75%
TERM: 18 mos
LTV: 65% of as-completed value 
 
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 purchased this lot in Feb 2014 for $80K and has completed architectural plans. Grading plans have been approved and they are ready to pull permits once our loan closes. We are paying off a small existing first

on the property of approx $22K. This loan will include the first 5 mos payments held in interest-reserve. The borrower has a mid-FICO score of 627.