Two Detached Rental Units in Fontana, CA

Two Detached Rental Units in Fontana, CA

Property Address

9174 and 9174-1/2 Juniper Ave, Fontana, CA 92335
  • Loan Number: 7727
  • APN: 0193-121-06-0000
  • Appraised Value: $340,000.00
  • Loan Amount: $232,500.00
  • Loan Position: 1st
  • Interest: 10.25%
  • LTV (Loan to Value): 68%
  • Term: 36 Months

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Specifics

SUBJECT PROPERTY: 9174 and 9174-1/2 Juniper Ave, Fontana, CA 92335 

Two detached rental units on a single lot (APN 0193-121-06-0000); zoned R2

Unit #1: 2-bed/1-bath; 884 sq ft

Unit #2: 2-bed/2-bath; 1008 sq ft
 

APPRAISED VALUE: $340,000.00

LOAN AMOUNT: $232,500.00

POSITION: 1st

INTEREST: 10.25%

TERM: 36 mos

LTV: 68%

 

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 has a 680 mid-FICO and we are paying off an existing first of approximately $150K. The remaining loan proceeds will go towards adding square footage to the subject property.

Planned improvements include a room addition, multi-car garage, a 1000+ sq ft patio to unit 1 and a 450 sq ft patio structure to unit 2. Permits had previously been approved but will need to be renewed. Both   units are currently rented and the total income per mo is $2800.