Three First-Floor Commercial Condos in Oakland, CA

Three First-Floor Commercial Condos in Oakland, CA

Property Address

2421 Telegraph Ave, Units 102, 103, 104, Oakland, CA 94605
  • 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%

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Specifics

SUBJECT PROPERTY: 2421 Telegraph Ave, Oakland, CA 94605
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
LOAN AMOUNT: $375,000.00
POSITION: 1st
INTEREST: 11%
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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