|DATE OF FUNDING||05/27/2014|
|GROSS LOAN AMOUNT||$3,450,000|
|LOAN TO VALUE||69%|
|NET NOTE RATE||9.50%|
|TERM OF INVESTMENT||24 Months with 6-month Lockout|
$3,450,000 FOR THE REFINANCE
OF A CORPORATE OWNED BEACHFRONT RESIDENCE IN CARLSBAD, CA
The sponsor sought $3,450,000 to refinance the current debt of $3,128,000. The balance was used to pay closing costs, lender deposits, and for general working capital.
The property is a SFR located on the ocean in Carlsbad in the exclusive Terra Mar Beach Community. The recently completed remodel at a cost of $848,000 included taking the interior down to the studs, replacing all electrical and plumbing, and adding natural gas. New lighting inside and out, all new custom cabinets and hardware, new doors, windows, a custom gourmet kitchen with all high end appliances. A guest room and bathroom were added along with a 3rd fireplace expanding the home’s footprint to 3,358 sf on a 16,800 sf lot. The home now has 4 bedrooms and 3.1 bathrooms.
The borrower is an experienced developer and has been developing properties since 1993. The exit strategy is to get permanent bank financing within the next 24 months.