- Property Address:
4471 Prospect Ave, Yorba Linda, CA 92886
- Loan Number:
#9126K
- APN:
334-191-25
- County:
Orange
- Appraised Value:
$2,300,000 (as-completed)
- Loan Amount:
$1,260,000
- Loan Position:
1st
- Interest:
10.25%
- LTV (Loan to Value):
55%
- Term:
18 Months
- Specifics:
SPECIFICS: Our borrowers are three family members with credit scores of 702, 670, and 759. They purchased this investment property for $750k in Aug of 2018. They are in the process of renovating the existing home and converting it into the guest house, and they have completed refurbishing of the swimming pool and grading. They have permits and approved plans for the main house and are ready to commence that portion of the project. We are paying off an existing first of $680k and will be putting $450k into fund control for completion of the project. This loan includes 6 months of prepaid interest. There is a late charge of 10% of the payment (after 10 days)There is no prepayment penalty on this loanThis loan is interest-only
