Residential Parcels in El Cajon, CA

Residential Parcels in El Cajon, CA

Property Address

1075 East Washington Ave, El Cajon, CA 92029
  • Loan Number: 7527
  • APN: 493-111-14-00 and 493-11-09-00
  • County: San Diego
  • Appraised Value: $385,000.00
  • Loan Amount: $83,000.00
  • Loan Position: 1st
  • Interest: 11%
  • LTV (Loan to Value): 22%
  • Term: 12 Months

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Specifics

LOAN: #7527

SUBJECT PROPERTY: 1075 East Washington Ave, El Cajon, CA 92029 (San Diego County) 

Two adjacent, vacant residential parcels over two acres combined, zoned RS4

APNs 493-111-14-00 (84,071 sq ft) and 493-111-09-00 (20,098 sq ft) 

APPRAISED VALUE: $385,000.00* 


LOAN TERMS

 

LOAN AMOUNT: $83,000.00

POSITION: 1st

INTEREST: 11%

TERM: 12 mos

LTV: 22%

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 these two lots from City National Bank in an all-cash transaction in June 2011 for $300,000.00.  Annexation has been approved and he is finishing completion of entitlements.  Loan proceeds will go into the property with the goal of obtaining a final map on plans for a 27-unit apartment building.  The borrower plans to sell the property after receiving the final map, and has several interested parties.
   

* The appraisal is for the larger of the two adjacent parcels (APN  493-11-14-000). Please view page 15 of the appraisal where it identifies the value for both parcels at $385,000.00.  We are encumbering both parcels with this loan.

                                                      Information Subject to Change