- Loan Number: 7602
- APN: 008-0688-002/003/004
- County: Alameda
- Appraised Value: $615,000.00
- Loan Amount: $375,000.00
- Loan Position: 1st
- Interest: 11%
- LTV (Loan to Value): 61%
Units 102, 103 and 104
First Floor Commercial Condos located in a five-story mid-rise building. Units are zoned CC-2*.
APPRAISED VALUE: $615,000.00
BPO VALUE: $587,500.00 - $625,000.00
TERM: 24 mos
LTV: 61% of 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 refinancing these properties to payoff existing 1st TD (construction loan). Existing 2nd will subordinate their position to our new first. Borrower has just completed the rehab work to rent the units as commercial offices. Leases are in place for all three units, totaling $5,126.60 per mo.
* The CC-2 Community Commercial Zone is intended to create, maintain, and enhance areas with a wide range of commercial businesses with direct frontage and access along the City's corridors and commercial areas.
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