Six Residential Lots - Poway and Escondido (San Diego County)

Six Residential Lots - Poway and Escondido (San Diego County)
  • Loan Number: 7776
  • County: San Diego
  • Appraised Value: $1,335,000
  • Loan Amount: $590,000.00
  • Loan Position: 1st
  • Interest: 10.5%
  • LTV (Loan to Value): 44%

Specifics

SUBJECT PROPERTY: 2 residential lots in Poway and 4 in Escondido, CA COMBINED APPRAISED VALUE: $1,335,000.00

Properties 1 and 2 are on Eastvale Road in Poway, CA 92064

Properties 3, 4, 5 and 6 are on Jesmond Dene Road in Escondido, CA 92026  

LOAN AMOUNT: $590,000.00 
POSITION: 1st
INTEREST: 10.5%
TERM: 18 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
This loan is interest-only 

 

SPECIFICS:  Our borrower currently owns all of the subject properties free and clear; the loan proceeds will be paying off a note that has reached maturity on a separate property. There is NO cash-out. Additionally, the borrower is bringing in the first 6 mos payments in cash at close.

The properties are currently listed for sale and we are happy to provide individual release-clause specifics for each lot upon request.  

 

Prop #1: APN 278-240-39-00   

2.14 acres w/mtn views and sloping terrain; currently listed for $425k   

Has MDRA approvals from City of Poway to build a 4332 sf SFR w/700 sq ft garage

Building plans have been approved for development

  

Prop #2: APN 278-240-40-00

2.68 acres w/mtn views and sloping terrain; currently listed for $475k

Has MDRA approvals from City of Poway to build a 4121 sf SFR w/600 sq ft garage

Building plans have been approved for development


Prop #3: APN 187-330-43-00
1.64 acres w/mtn views and rolling terrain; currently listed for $240k

Prop #4: APN 187-330-44-00
1.48 acres w/mtn views and rolling terrain; currently listed for $240k

Prop #5: APN 187-330-45-00
1.22 acres w/mtn views and rolling terrain; currently listed for $240k

Prop #6: APN 187-330-46-002.83 acres w/mtn views and rolling terrain; currently listed for $425k