San Diego County Construction Loan

San Diego County Construction Loan

Property Address

6665 Aviation Drive, San Diego, CA
  • Loan Number: 7594K
  • County: San Diego
  • Appraised Value: $300,000.00
  • Loan Amount: $189,000.00
  • Loan Position: 1st
  • Interest: 11%
  • LTV (Loan to Value): 63%
  • Term: 12 Months

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Specifics

LOAN: #7594K 
SUBJECT PROPERTY: 6665 Aviation Drive, San Diego, CA 92114
Partial ocean view lot; new manufactured home construction on a permanent foundation; APN 549-312-26 AKA 549-312-27 (pending)
ADDITIONAL COLLATERAL: This loan will also encumber an additional residential parcel, APN 549-312-26 AKA 549-312-28 (pending) on Aviation Drive in San Diego
APPRAISED VALUE - SUBJECT PROPERTY AS-COMPLETED: $260,000.00
APPRAISED VALUE - ADDITIONAL COLLATERAL: $40,000.00
LOAN AMOUNT: $189,000.00
POSITION: 1st
INTEREST: 11%
TERM: 12 mos
LTV: 63%

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 borrowers are owner-builders who own these lots free and clear.They will be completing construction on the subject property and listing it for sale. They are purchasing a new manufactured home for $63k through this escrow to permanently attach to the subject property. FHLC will manage the fund control and will pay an existing retaining wall invoice in the amount of $37,200 through escrow. We have a title-approved indemnity agreement.