- Property Address:
Tract No. 30698 – 151 Lots – Rosetta Hills Lake Elsinore, California 92532
- Loan Number:
7818M
- County:
Riverside
- Appraised Value:
$5,800,000
- Loan Amount:
$1,850,000
- Loan Position:
1st
- Interest:
10.25%
- LTV (Loan to Value):
32%
- Specifics:
SUBJECT PROPERTY: 151 Lot Subdivision (final map recorded) in Lake Elsinore, CA APPRAISED VALUE: $5,800,000. (Oct 2017) LOAN AMOUNT: $1,850,000.00 MINIMUM INVESTMENT: $100,000.00 POSITION: 1st INTEREST: 10.25% TERM: Matures July 1, 2019 LTV: 32% 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 paymentThis loan is interest-only SPECIFICS: We are modifying an existing loan for this borrower to extend the maturity date and provide additional funds. Our borrower has a 693 credit score and an excellent payment history on the loan to-date; he will be using the additional funds for other business ventures. The property is surrounded by development, with a recreational field for soccer and baseball in the immediate area as well. The borrower's ultimate goal is to sell the property to a national builder, but he is first taking advantage of the steadily increasing values in the area. He has owned the property for many years and has obtained the entitlements and recorded the final map. We are accepting minimum investments of $100,000 or more.To view a video of the subject property and surrounding area click here: https://vimeo.com/229778302