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Property: Staats Please click to see the larger photo
City: Arroyo Grande, CA
Status: Sold Out
Term: 36 Months
LTV: 90%
Interest to Participants: 9.25%
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This $425,000 loan is secured by two properties in Arroyo Grande, California (San Luis Obispo County).

The Details:

Address

Appraised Value

Acres

Parcel No.

Type

1575 Hillcrest Dr.

$   300,000

.45

077-013-006

Vacant Land (Residential)

1590 Hillcrest Dr

$   450,000

.18

077-014-001

Single Family Home

Total¬†¬†¬† $ 7750,000      
  • The subject loan is a $425,000 first priority loan against 1575 Hillcrest Drive and a second priority loan against 1590 Hillcrest Drive behind an existing first loan of approximately $250,000.
  • The borrower used the loan funds to purchase the vacant lot located at 1575 Hillcrest Drive.¬†
  • The borrower intends to obtain a construction loan in order to build a new single family home at 1575 Hillcrest Drive and expects to repay the subject loan from the proceeds of the construction loan.
  • The city of Arroyo Grande is located within two miles of the Pacific Ocean and the neighboring cities of Pismo Beach, Grover Beach, Nipomo and Oceano.
  • The properties have views of the city of Arroyo Grande, Pismo Beach and the San Luis Bay.