Residential Golf Course Lot in Palm Desert

Residential Golf Course Lot in Palm Desert

Property Address

136 Menil Place, Palm Desert, CA 92660
  • Loan Number: 7976
  • APN: 771-211-007
  • County: Riverside
  • Appraised Value: $1,250,000 (July 2015)
  • Loan Amount: $735,000
  • Loan Position: 1st
  • Interest: 10.75%
  • LTV (Loan to Value): 59%
  • Term: 12 Months

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Specifics

SUBJECT PROPERTY: 136 Menil Place, Palm Desert, CA 92660
13,939 sq ft residential lot on the prestigious Big Horn championship golf course
APN: 771-211-007 (Riverside County)
APPRAISED VALUE: $1,250,000.00 (July 2015)
LOAN AMOUNT: $735,000.00
POSITION: 1st
INTEREST: 10.75%
TERM: 12 mos/Interest-Only  
LTV: 59% of appraised value from July 2015 

There is a late charge of 10% of the payment (after 10 days)
There is a 6-mo interest guarantee on this loan
This loan is interest-only 

SPECIFICS:  Our borrower purchased the subject property in July 2015 for $1,225,000. The property is surrounded by multi-million dollar homes on the Big Horn golf course. The borrower-builder is working on plans for this project and will ultimately be obtaining construction financing and building an SFR on the property (there is a 6-mo interest-guarantee on our loan).