Loan amount
$1,100,000
Loan type
As-Is Property Value
$2,000,000
LTV
56%
{LTV}
Property type
4 Single-Family
Borrower Details
Credit score
710
Deal experience
20 deals
This loan scenario was submitted by a Broker
Property Details
State
California
Loan Details
Additional Loan Information
My client is looking to build 4 SFR's on land they currently own and are -sub-diving into 4 lots with preliminary plans submitted to planning. They are looking for financing for the construction of the 4 SFR's and the remainder of soft costs for permits. Here are the details.
-$250,000 total building costs per SFR
-1600 sq ft homes with 4 beds & 2 baths
-Completion Value $500,000 - $525,000 per SFR
-Building timeframe 6 months and then list to sell
-Client is a licensed contractor with own company with 30 years building experience
-Credit 710
-Paid $105,000 for the land
-APN- 246230003
-No debt on property
-Lots already subdivided and map recording will take place on 11/5/19
-3 months to get plans approved- cost with developer fees is about $100,000- preliminary plans already submitted to planning
- Located in RIverside CA
-$250,000 total building costs per SFR
-1600 sq ft homes with 4 beds & 2 baths
-Completion Value $500,000 - $525,000 per SFR
-Building timeframe 6 months and then list to sell
-Client is a licensed contractor with own company with 30 years building experience
-Credit 710
-Paid $105,000 for the land
-APN- 246230003
-No debt on property
-Lots already subdivided and map recording will take place on 11/5/19
-3 months to get plans approved- cost with developer fees is about $100,000- preliminary plans already submitted to planning
- Located in RIverside CA
Status
Closed
Created
October 28, 2019 - 3:08pm
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