- Property Address:
824 Avenue A, Redondo Beach, CA90277
- Loan Number:
8027K
- APN:
7509-015-014
- County:
Los Angeles County
- Appraised Value:
2,500,000
- Loan Amount:
1,515,000
- Loan Position:
1st
- Interest:
9.5%
- LTV (Loan to Value):
61%
- Term:
18 Months
- Specifics:
Our borrower has a 763 mid-FICO and purchased the subject property in 2016 for$1,072,000. He will be demolishing the existing SFR and building a new 2-story, 3360 sq ft home on the property. He has contracted with a licensed contractor to complete the project; plans have been approved and the permit is ready to be issued. Construction funds will be managed by Buildzig.The borrower will be bringing in $100k to our escrow prior to close. Our loan includes a payoff of the existing loan on the property in the amount of $775,000; cost breakdown for the construction is $745,000. The property will be marketed for sale as it nears completion.
