158-Lot Subdivision in Lake Elsinore, CA

158-Lot Subdivision in Lake Elsinore, CA
  • Loan Number: 7818M
  • County: Riverside
  • Appraised Value: $4,200,000 (April 2015)
  • Loan Amount: $1,500,000
  • Loan Position: 1st
  • Interest: 10.25%
  • LTV (Loan to Value): 36%

Specifics

SUBJECT PROPERTY: 158 Lot Subdivision (final map recorded) in Lake Elsinore, CA 

Average lot size is 5,000 sq ft 


APPRAISED VALUE:
$4,200,000. (April 2015)

LOAN AMOUNT: $1,500,000.00 ($200k still available) 

MINIMUM INVESTMENT: $100,000.00 

POSITION: 1st

INTEREST: 10.25%

TERM: Matures July 1, 2018 

LTV: 36%

 

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:  We are modifying an existing loan for this borrower to extend the maturity date and provide additional funds. Our borrower has a 750 credit score and an excellent payment history on the loan to-date; he will be using the additional funds for other business ventures. The property is surrounded by development, with a recreational field for soccer and baseball in the immediate area as well. The borrower's ultimate goal is to sell the property to a national builder, but he is first taking advantage of the steadily increasing values in the area. He has owned the property for many years and has obtained the entitlements and recorded the final map. We are accepting minimum investments of $100,000 or more.