- Loan Number: 7544K
- APN: 476-532-24-00
- County: San Diego
- Appraised Value: $350,000.00 (As-Completed)
- Loan Amount: $155,000.00
- Loan Position: 1st
- Interest: 11%
- LTV (Loan to Value): 44%
- Term: 12 Months
SUBJECT PROPERTY: 2540 Highland Ave, San Diego, CA 92101
Proposed construction improvements consist of a 2-story SFR; 3-bed/2-bath, 1405 sq ft (gross bldg area), with fireplace and 2-car attached garage.
AS-COMPLETED APPRAISED VALUE: $350,000.00
LOAN AMOUNT: $155,000.00
TERM: 12 mos
- 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: The borrowers have approved plans, paid permits, and have started construction; the foundation has already been approved via a county inspection. They have also paid for architectural plans, soil report, grading plans, land survey and land development plans for a total of $89K+, and are ready to continue construction.
Please note - Our borrowers purchased this lot in 2011 for $26,000 with a seller-carry back of $14K which will subordinate to our new construction loan; we will be in first position.