SFR Under Renovation in Encinitas, CA

SFR Under Renovation in Encinitas, CA

Property Address

1695 Crest Drive, Encinitas, CA 92024
  • Loan Number: 7628
  • APN: 262-032-08 and 262-032-20
  • County: San Diego
  • Appraised Value: $930,000.00
  • Purchase Price: $926,500.00 (April 2013)
  • Loan Amount: $604,500.00
  • Loan Position: 1st
  • Interest: 8.5%
  • LTV (Loan to Value): 65%
  • Term: 12 Months

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SUBJECT PROPERTY: 1695 Crest Drive, Encinitas, CA 92024
4-bed/3-bath SFR on large 1.43 AC lot, currently undergoing renovations
APNs 262-032-08 and 262-032-20

AS-IS APPRAISED VALUE: $930,000.00 (April 2013)
LOAN AMOUNT: $604,500.00
TERM: 12 mos
LTV: 65%

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 purchased this property for $926,500 in an all-cash transaction in April, 2013. She has a mid FICO of 763, and will be refinancing the property with a conventional lender once renovations (interior and exterior) have been completed. The subject property offers panoramic mountain views to the east and ocean views from the second story. She has the cash on-hand to complete the renovations; our loan proceeds are going to assist with the purchase of an adjacent property.