2.65 Commercial Acres in SoCal

2.65 Commercial Acres in SoCal
  • Loan Number: 7839
  • APN: 0141-251-78-00 and 0141-251-79-00
  • County: San Bernardino
  • Appraised Value: $435,000.00
  • Loan Amount: $220,000.00
  • Loan Position: 1st
  • Interest: 10.5%
  • LTV (Loan to Value): 50%
  • Term: 60 Months

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Specifics

SUBJECT PROPERTY: APNs 0141-251-78 and 0141-251-79
2.65 acres of commercial vacant land in San Bernardino, CA
APPRAISED VALUE: $435,000.00
LOAN AMOUNT: $220,000.00
POSITION: 1st
INTEREST: 10.5%
TERM: 60 mos (I/O) 
LTV: 50%

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:  Our borrower has a 756 FICO; he purchased the subject bank-owned property in May 2014 for $205k. He will be using the loan proceeds for additional real estate investments.