Bell Canyon, California Funded Loan
Property Type: Single Family Residence-Investment Property-70% Completed
Lien Position: 1st Trust Deed
Loan Amount: $300,000.00
Appraised Value: $1,450,000.00
Loan Rate: 8.99%
Loan Type: Investment Purpose
Occupancy: Non-Owner Occupancy
Term: 24 Months Interest Only
Our Client/Borrower, were seeking a new $300,000.00 1st Trust Deed Loan on their property that is approximately 70% completed in Bell Canyon, California.
The clients purchased the Subject Property in February 2020 for $371,000.00 Cash.
The Subject Property burned down prior to our clients purchasing the Property in Bell Canyon, California.
There was only an existing “Concrete Slab” and a “Pool” when they purchased the property.
The prior house was 2,825square feet, but the borrowers made the decision to construct a larger house, which is 3,833 square feet.
The lot is 25,422, which is over a half-acre, but the majority of the lot is downslope and mostly not usable. As of September 2021 our clients have invested $1,009,441.00 of their “Own Funds” into the Subject Property.
The borrower estimates that approximately $250,000.00 will complete the Subject Property, but he is requesting an additional $50,000.00 to have available in reserve.
The borrower further expects to complete all construction work by the beginning of this coming December, at which point he will begin “Marketing” the Subject Property for sale.
Any and all additional construction will further reduce the LTV in Bell Canyon, California.
The plan of payback is to sell the Subject Property prior to the maturity date of the proposed loan.