Salinas Rental Condo

Salinas Rental Condo

Property Address

1783 Cherokee Drive, #2, Salinas, CA 93906
  • Loan Number: 7662
  • APN: 261-762-034-000
  • County: Monterey
  • Appraised Value: $145,000.00
  • Loan Amount: $65,000.00
  • Loan Position: 1st
  • Interest: 10.5%
  • LTV (Loan to Value): 45%
  • Term: 36 Months

View Appraisal

Download

Specifics

LOAN: #7662
SUBJECT PROPERTY: 1783 Cherokee Drive #2, Salinas, CA 93906
3-bed/1-1/2 bath condominium; 1092 sq ft w/single-car garage; built in 1980
APPRAISED VALUE: $145,000.00 
LOAN AMOUNT: $65,000.00
POSITION: 1st
INTEREST: 10.5%
TERM: 36 mos
LTV: 45%

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 this investment property in an all-cash transaction in July 2013 for $60k. She has since completely remodeled the property and is preparing to market it for rent at $1450 per mo. HOA fees are $395 per mo. Loan proceeds will be used for a new investment real estate transaction.