3.82 AC Lot in San Diego County (Valley Center)

3.82 AC Lot in San Diego County (Valley Center)

Property Address

Calle de Vista, Valley Center, CA 92082
  • Loan Number: 7589
  • APN: 189-220-24-00
  • County: San Diego
  • Appraised Value: $135,000.00
  • Purchase Price: $100,000.00
  • Loan Amount: $29,000.00
  • Loan Position: 1st
  • Interest: 10.5%
  • LTV (Loan to Value): 29%
  • Term: 12 Months

Specifics

LOAN: #7589
SUBJECT PROPERTY: Calle de Vista, Valley Center, CA 92082
3.82 AC residential vacant lot; San Diego County APN 189-220-2400

APPRAISED VALUE:
$135,000.00
PURCHASE PRICE: $100,000.00
LOAN AMOUNT: $29,000.00
POSITION: 1st
INTEREST: 10.5% (Interest Only)
TERM: 12 mos
LTV: 21% of appraised value/29% of purchase price

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 a builder and the owner of a home construction firm; we have worked with him before. He is currently in escrow to purchase this lot for $100,000 and will begin plans to commence construction of a single-family-residence. FHLC will be working with the borrower on construction financing, and the loan on the lot will be paid in full once plans have been approved by the county and construction financing has been secured.