- Property Address:
969 Cypress Avenue, Colton, CA
- Loan Number:
9344K
- APN:
0274-122-05-000
- County:
San Bernardino
- Appraised Value:
2,950,000.00
- Purchase Price:
210,000.00
- Loan Amount:
1,920,000.00
- Loan Position:
1st
- Interest:
12%
- LTV (Loan to Value):
65%
- Term:
18 Months
- Specifics:
The borrower is an existing client of FHLC with an excellent payment and building history. They purchased the investment property and owe approx. $339K that will be paid off through our construction loan. The borrower has paid over $62K toward plans and permits. He is ready to start on construction. The construction funds are $1.3M and will be fund controlled by National Builder Control NBC. There is 8 months of prepaid interest that will be disbursed at closing to all lenders.
