6-Unit Condo Construction Loan

6-Unit Condo Construction Loan

Property Address

12325 Cheshire St, Norwalk, CA 90650
  • Loan Number: 7966K
  • APN: 8082-017-022
  • County: Los Angeles
  • Appraised Value: $2,700,000 (as-completed)
  • Loan Amount: $1,076,000.00
  • Loan Position: 1st
  • Interest: 10.75%
  • LTV (Loan to Value): 40%

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Specifics

LOAN: #7966K
SUBJECT PROPERTY: 12325 Cheshire St, Norwalk, CA 90650
6-unit condominium complex; 7,993 total sq ft on a 14,479 sq ft lot 

Unit No 1: 3-bed/3-bath; 1880 sq ft 

Unit Nos 2-6:  2-bed/2-1/2 bath; 1232 sq ft

APN: 8082-017-022 (LA County) 

APPRAISED VALUE: $2,700,000.00 (Aug 2016)

LOAN AMOUNT: $1,076,000.00
POSITION: 1st
INTEREST: 10.75%
TERM: 18 mos (interest-only) 
LTV: 40%
 
There is a late charge of 10% of the payment (after 10 days)
There is no prepayment penalty on this loan
This loan is interest-only
This loan includes a balloon payment
 
SPECIFICS:  Our borrower is a licensed contractor with a 726 mid-FICO. He purchased the subject property/lot in May of 2014 for $310,000. Permits have been issued and he has spent approx $90k on the project (grading has been completed, and underground utilities are in place as well as the foundation forms). We will be paying off an existing first of approx $200k on the property; after deduction for loan fees the remainder will be deposited with Buildzig for fund control management of the project.