Residential Lot in Calabasas, CA

Residential Lot in Calabasas, CA

Property Address

0 Dry Canyon Cold Creek Road, Calabasas, CA 91302
  • Loan Number: 7748
  • APN: 4455-011-039
  • County: Los Angeles
  • Appraised Value: $520,000.00
  • Loan Amount: $262,000.00
  • Loan Position: 1st
  • Interest: 10.5%
  • LTV (Loan to Value): 50%
  • Term: 24 Months

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Specifics

SUBJECT PROPERTY: 0 Dry Canyon Cold Creek Road, Calabasas, CA 91302
2.65 Acre Residential Lot; APN 4455-011-039

APPRAISED VALUE: $520,000.00
LOAN AMOUNT: $262,000.00
POSITION: 1st
INTEREST: 10.5%
TERM: 24 mos
LTV: 50%
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 borrower purchased the property in 2002 for $280,000. He and his wife reside in an adjoining property, and plan to ultimately build a 7600 sq ft spec home on the property. There is an existing shared driveway and retaining wall on the property. Geological, soils and perc tests have all been completed on the property. Our borrower has a mid-FICO of 637; we will be paying off an existing first and other liens as well as paying the property taxes due 12/10/14 with the loan proceeds. Our borrower will be completing the approval process and ultimately paying off our loan with a new construction loan.