Low LTV on Rental SFR in Salinas, CA

Low LTV on Rental SFR in Salinas, CA

Property Address

1265 De Cunha Court, Salinas, CA 93906
  • Loan Number: 7644
  • APN: 153-282-035
  • County: Monterey
  • Appraised Value: $390,000.00
  • Purchase Price: $390,000.00
  • Loan Amount: $220,000.00
  • Loan Position: 1st
  • Interest: 9.75%
  • LTV (Loan to Value): 56%
  • Term: 36 Months

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Specifics

SUBJECT PROPERTY: 1265 De Cunha Court, Salinas, CA 93906
5-bed/3-bath SFR; 2663 sq ft w/2-car attached garage on a 6813 sq ft lot

APPRAISED VALUE:
$390,000.00
PURCHASE PRICE: $390,000.00 (REO)
LOAN AMOUNT: $220,000.00
POSITION: 1st
INTEREST: 9.75%
TERM: 36 mos
LTV: 56%

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:  Our borrowers are purchasing this REO property from Citibank as an investment. They are bringing in 44% down plus all closing costs (a total of approx $185k). The property will be marketed for rent at $2400 per mo.