SpecificsSUBJECT PROPERTY: 158 Lot Subdivision (final map recorded) in Lake Elsinore, CA
Average lot size is 5,000 sq ft
APPRAISED VALUE: $4,200,000.
LOAN AMOUNT: $950,000.00
TERM: 24 mos
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 mid-FICO of 676; after paying off a small first on the property he will be using the remaining funds for other business ventures. The property is surrounded by development, and the borrower's goal is to sell it to a national builder. He has owned the property for many years and has obtained the entitlements and recorded the final map.