- Loan Number: 7641K
- APN: 189-220-24-00
- County: San Diego
- Appraised Value: $715,000.00
- Loan Amount: $458,000.00 (minimum investment $50k)
- Loan Position: 1st
- Interest: 10%
- LTV (Loan to Value): 64%
- Term: 12 Months
Residential vacant lot; approx 3.82 AC w/gradual to moderate slope at rear of lot.
San Diego County APN #189-220-24-00
PROPOSED NEW CONSTRUCTION: Single-story SFR; 4-bed/3.5-bath; 3240 sq ft
LOAN AMOUNT: $458,000.00 (a minimum investment of $50k is required)
TERM: 12 mos
LTV: 64% of as-completed 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 an existing FHLC client and is the owner of Paradyne Homes. He purchased the subject property/lot in March 2013 for $100k. Plans have been submitted to the County, and the water meter is in and paid for. Our loan will provide for fund-control construction funds in the amount of $367,200, plus an approximate $53k payoff of the existing loan and a prepaid interest pad of approx $7800.
A minimum investment of $50,000 is required to participate in this trust deed offering.
Per DRE guidelines, a neutral third party will manage the construction funds via a fund-control account.