Estate-Sized Contemporary SFR Construction Loan in La Mesa, CA

Estate-Sized Contemporary SFR  Construction Loan in La Mesa, CA

Property Address

4580 Panorama Drive, La Mesa, CA 91941
  • Loan Number: 7721K
  • APN: 494-741-06-00
  • County: San Diego
  • Appraised Value: $1,320,000 (as-completed)
  • Loan Amount: $755,000.00
  • Loan Position: 1st
  • Interest: 10.25%
  • LTV (Loan to Value): 57%

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Specifics

SUBJECT PROPERTY: 4580 Panorama Drive, La Mesa, CA 91941
Construction of a contemporary SFR; 5570 sq ft on a 23,087 sq ft lot w/pool and pool house 

APN 494-741-06-00; zoned R15P 

AS-COMPLETED APPRAISED VALUE:
$1,320,000.00

LOAN AMOUNT: $755,000.00
POSITION: 1st
INTEREST: 10%
TERM: 18 mos
LTV: 57%
 
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 mid-FICO of 667 and recently purchased the subject property/lot at a reduced price of $105k; we will be paying off a first of $52,500 along with providing construction financing. The borrower has already paid over $45k for architectural and engineering work as well as plan checks. 

 

Our borrower previously financed a San Diego area construction project with us; he made consistent, timely payments and the home was pre-sold during the construction process. We were paid in full prior to the loan maturity date.  

 

The home will be contemporary in design; 2 stories with 5 bedrooms and 4-1/2 baths encompassing 5,570 square feet w/an additional 1,222 sq ft unfinished basement. The home will include solar power, a media room, and in addition to the swimming pool there will be a 375 sq ft office/pool house.