Experienced General Contractor and business owner sought a 1st TD construction loan on this permitted and entitled subject vacant lot property in Whittier, Los Angeles County, CA. The funds from our loan will be used to pay-off a small existing and current $100k 1st TD and the remaining $568k will be placed in Funds Control to build a new SFR. Borrower purchased land in 2019 for $160k, its current estimated value is $180k. Exit strategy is a conventional refinance after construction completion
The subject lot is 21,038 s.f and the proposed subject residential property consists of a single story ranch style home with a hillside view in a nice neighborhood of Whittier. The subject property fronts and backs with similar SFRs and sides with a similar SFR and a Water Basin. The new home construction SFR with will be 2,937 SF of living space. The new home will include 8 total rooms, 3 Bed / 3 Bath, Bonus Room and a 2 car garage. The new home will also feature a pool, spa, porch and patio. The subject property is well-located east of the 605 fwy and near main thoroughfare Whittier Blvd. The subject property is close to Whittier College, other local schools, shops and restaurants.
What we like about this Trust Deed opportunity:
- Experienced General Contractor
- Whittier Hillside Neighborhood
- 11.00% annual investor yield
- 6 months guaranteed interest
- 3 months prepaid interest
- 55.27% LTV on After Completion Value
$718,500 1st TD @ 11.00%, 55.27% LTV, SFR, Construction, 6 mos. Guar. Int., $71,850 Min, Whittier
