San Diego Custom SFR - New Construction in No County

San Diego Custom SFR - New Construction in No County

Property Address

Calle de Vista, Valley Center, CA 92082
  • 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

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Specifics

LOAN: #7461K
SUBJECT PROPERTY: Calle de Vista, Valley Center, CA 92082
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
APPRAISED VALUE: $715,000.00 (March 2013)
LOAN AMOUNT: $458,000.00 (a minimum investment of $50k is required)
POSITION: 1st
INTEREST: 10%
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.