- Loan Number: 7815
- County: Alameda
- Appraised Value: $2,119,000.
- Loan Amount: $1,100,000.
- Loan Position: 1st
- Interest: 10%
- LTV (Loan to Value): 52%
Seven condominium units ranging in size from 2-bed/2-bath to 3-bed/2-bath and from 1178 to 1451 sq ft
APPRAISED VALUE: $2,119,000.
LOAN AMOUNT: $1,100,000.
TERM: 36 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: These condo units are near Mills College and bring in $12,314 in monthly rental income. Our co-borrowers are a doctor and his wife; their mid-FICOs are 701 and 787. Our loan will pay off an existing first of $821k, and provide some cash-out to perform cosmetic improvements to the units. We are accepting minimum investments of $100k.