San Diego Condo

San Diego Condo

Property Address

3661 43rd Street #2, San Diego, CA 92105
  • Loan Number: 7554
  • APN: 4717323502
  • County: San Diego
  • Appraised Value: $70,000.00
  • Purchase Price: $73,000.00
  • Loan Amount: $49,000.00
  • Loan Position: 1st
  • Interest: 67% of the purchase price / 70% of the appraised value
  • LTV (Loan to Value): 67%
  • Term: 36 Months

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Specifics

LOAN: #7554
SUBJECT PROPERTY: 3661 43rd Street, #2, San Diego, CA 92105
1-bed/1-bath condo; 589 sq ft w/carport; APN 4717323502
APPRAISED VALUE: $70,000.00
PURCHASE PRICE: $73,000.00 
LOAN AMOUNT: $49,000.00
POSITION: 1st
INTEREST: 10%
TERM: 36 mos
LTV: 67% of purchase price / 70% of appraised value 

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 is purchasing this first-floor condo as an investment property, and is bringing in 33% down and paying all closing costs. The 7-unit complex was built in 1978 and completely remodeled in 2006. HOA fees are $248 per mo. 

Although the appraisal notes a contract price of $70k, the bidding on this newly-listed unit was so competitive that our borrower raised his offer to $73k in order to procure the property.