- 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%
- Specifics:
LOAN: #7966KSUBJECT PROPERTY: 12325 Cheshire St, Norwalk, CA 906506-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: $1,076,000.00POSITION: 1stINTEREST: 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.
