Experienced Real Estate Investor and successful MVI borrower sought a 2nd TD on two vacant lots with a cross collateral 1st TD combination cash-out loan on one other vacant land parcel. Each of the three parcels is located in Riverside, CA. The cash-out will be used for pre-development expenses where the borrower plans to build approved multi-family residences.
The subject properties are currently 3 parcels of unimproved land:
*APN 150-271-017 is the future site of Pinebrook Apartments. The parcel is 75,794 sf or 1.74 acres in size with an appraised value of $910k. This parcel is approved for 28 unit apartment complex.
*APN 147-282-025 is the future site of Stonebrook Apartments. The parcel is 60,984 sf or 1.40 acres in size and appraised value of $1.19M. This parcel is approved for 38 unit apartment complex.
*APN 155-290-017 is the future site of Arlington Commons Apartments. The parcel is 152,895 sf or 3.51 acres in size with an estimated value of $3.468M. This parcel is approved for a 102 unit apartment complex.
Recent Transaction – $1,000,000 Business Purpose, Riverside, CA
