San Diego SFR Construction

San Diego SFR Construction

Property Address

2540 Highland Ave, San Diego, CA 92101
  • 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

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Specifics

LOAN: #7544K
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.
APN: 476-532-24-00
AS-COMPLETED APPRAISED VALUE: $350,000.00  
 
LOAN AMOUNT: $155,000.00
POSITION: 1st
INTEREST: 11%
TERM: 12 mos
LTV: 44%

  • 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.