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