3x Successful Mortgage Vintage borrowers and 30+ years experienced residential developers sought a 1st TD loan to finish development on this “pre-sold”, SFR property in Apple Valley, San Bernardino County, CA. Borrowers own “Evergreen Homes, LLC” Evergreen Homes (evergreenhomesca.com). Borrowers have already built and sold 55+ SFRs similar to this subject property in this same “Dorada @ Vista Del Sol Estates” tract. Evergreen Homes has 100 lots under contract and our loan allows the borrowers to close on this pre-sold subject property lot and obtain 100% of the funds needed to build the house. This Dorada development has 20 homes completed with inhabitants and 35 homes purchased and under construction. Sales remain brisk for these wonderful homes and the borrower has selected Mortgage Vintage and CrowdTrustDeed again to provide this financing. The 3 loans Mortgage Vintage originated last year with this borrower performed perfectly and, per the same plan as this loan, were paid off by the end buyer at construction completion.
Borrowers’ resume includes having successfully “sold out” 4 large residential communities to date in Victorville, Oak Hills, Spring Valley Ridge and now Apple Valley. Funds from this loan will be put into “Funds Control” and shall be released as construction progresses. The construction budget is vetted by the General Contractor and is in line with the many other recently completed homes in the project. Exit strategy from our loan is the sale of the property that is already in escrow with a final buyer’s $10k deposit. The final buyer has been approved for future conventional financing to take us out.
Borrowers have all approved plans and permits in place and $1.85 Mil.+ “skin in the game” put into this project on permits, entitlements and infrastructure. Borrower’s are also paying closing costs on this purchase. CTD is funding 3 of these houses right now. The builder has other bank financing choices and is using those Banks for his other houses that need to be built.
The subject property when finished will be a brand new, semi-custom, 1 story, ranch style SFR in the “Dorado @ Vista Del Sol Estates” in Apple Valley, CA. The subject property will have 3,402 SF of living space, sitting on a 23,901 SF lot. The subject property will have a total of 11 rooms, 6 Bed / 3 Bath, attached 3 car garage, energy efficient systems throughout, courtyard and covered patio. The subject property is within 10 minute proximity to many shopping plazas, shops, restaurants and schools near the city of Victorville and the 15 & 18 Interstate freeways. Lot 88, APN: 0472-471-04-0000
$596,000 1st TD @ 13.50%, 80% LTV Cash Out Const, $59,600 Min Investment, Apple Valley – 17182 Ta Wan Ka