- Property Address:
83660 Avenue 53, Coachella, CA 92236
- Loan Number:
7991
- APN:
767-270-006-5
- County:
Riverside
- Appraised Value:
$753,000.00
- Loan Amount:
$475,000.00
- Loan Position:
1st
- LTV (Loan to Value):
63%
- Term:
36 Months
- Specifics:
SUBJECT PROPERTY: 83660 Avenue 53, Coachella, CA 922363-bed/2-bath SFR; 1786 sq ft w/2-car attached garage on a 9.58 acre lotAPN: 767-270-006-5 (Riverside Co)APPRAISED VALUE: $753,000.00LOAN AMOUNT: $475,000.00POSITION: 1stINTEREST: 10.25% TERM: 36 mosLTV: 63% of purchase price
There is a late charge of 10% of the payment (after 10 days)There is no prepayment penalty on this loanThis loan is partially amortizedThis loan contains a balloon payment
Our borrower has a mid-FICO of 684; he purchased the 9.58 acres in 2012 for $375,000, and completed the home construction in early 2017. The property was rented for festival season, and after paying off the existing first of $315,000 the remaining loan proceeds will be used to furnish the home in a more upscale manner, landscape the property, and add fruit and palm trees for his side business. The property will be listed as an Airbnb rental property.