- Property Address:
4 W. US Highway 98, Calexico, CA 92231
- Loan Number:
7622
- County:
Imperial
- Appraised Value:
$850,000.00
- Loan Amount:
$425,000.00
- Loan Position:
1st
- Interest:
10.75%
- LTV (Loan to Value):
50%
- Term:
48 Months
- Specifics:
LOAN: #7622
SUBJECT PROPERTY: 4 West US Hwy 98, Calexico, CA 92231
98 Acres of combined industrial/agricultural land in the Imperial Valley, CA
Highly desirable site w/prime freeway-proximity location APPRAISED VALUE: $850,000.00 (July 2013)LOAN AMOUNT: $425,500.00POSITION: 1stINTEREST: 10.75%TERM: 48 mosLTV: 50%There is a late charge of 10% of the payment (after 10 days)There is no prepayment penalty on this loanThis loan contains a balloon paymentSPECIFICS: Our borrowers have owned this property for many years, and are refinancing to pay off their matured 1st trust deed with FHLC as well as pay delinquent property taxes. The subject property is currently listed for sale at $950,000, but the borrower prefers to keep the property due to the possibility of a new US Customs Border location being proposed adjacent to the subject property.
