Poway Commercial Bldg

Poway Commercial Bldg

Property Address

13202 Poway Road, Poway, CA
  • Loan Number: 7565
  • County: San Diego
  • Purchase Price: $600,000.00
  • Loan Amount: $422,000.00
  • Loan Position: 1st
  • Interest: 10.25%
  • LTV (Loan to Value): 70%
  • Term: 24 Months

Specifics

LOAN: #7565
SUBJECT PROPERTY: 13202 Poway Road, Poway, CA  
A 2,380 sq ft single-tenant office/retail building on a 10,192 gross sq ft parcel
APPRAISED VALUE: (Pending w/CBRE)  
PURCHASE PRICE:  $600,000.00 

LOAN AMOUNT: $422,000.00
POSITION: 1st
INTEREST: 10.25%
TERM:24 mos
LTV: 70%

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

SPECIFICS:  The subject building was built in 1975; the exterior was renovated in 2002 and interior renovations occured in 2005 and 2009.  Our borrower owns the adjacent property (Library Plaza) and is putting 30% down and paying all closing costs.  There is a 6-month interest guarantee on this loan.