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$424,928.00

New Construction, 3,150 sq ft in West Los Angeles

  • Unpaid Principal Balance: 424,928
  • Est. Property Value: 1400000
  • Address: Register Here
  • Property City: Los Angeles
  • State: California
  • Property Zip Code: 90066
  • Original Balance: 424,928
  • Interest Rate: 20
  • Balloon Pmt: Yes
  • Note Payment: 509,913.60
  • Origination Date: 03/02/2017
  • Maturity Date: 03/02/2018
  • Note Position: 2nd
  • Senior Loan Balance (if any): 1,330,000.00
  • Owner Occupied Property: No
  • Property Type: Single Family
  • Lot Sq. Ft.: 5,702
  • Listed: October 5, 2017 10:31 am
  • Expires: 73 days, 16 hours
New Construction, 3,150 sq ft in West Los Angeles
West Side-View_Encroachment Plane changes-2017-08-08Rear-View_Encroachment Plane changes-2017-08-08

Description

This home is actually a total tear down to new construction. When finished, it will be 3,150 sq ft, 2 stories, 5 bedrooms, and 4 1/2 baths. It’s in a coveted part of West Los Angeles called Mar Vista. A new home of this size will sell for approx $2.5M.The real estate developer has a first loan with Trilion Capital for $1,330,000; however, this is broken into 2 parts: 1) $930,000 was towards the original acquisition and 2) $400,000 towards construction related expenses. They pay interest only ever monthly at $11,083.33 per month.We have the 2nds at $509,913.60 which is due before March 2nd, 2018 (just a few short months away). The Note secured by the Deed of Trust stipulates that it grows to $531,160 after March 2nd, 2018. So…I’m trying we are looking to sell this at a nice discount…my original $425k. This could be a nice, quick payday in a short period of time. $85,000 @ 20% or 106,000 @ 25% (if paid after March 2nd, 2018)!!!

Ad Reference ID: 51359d418dccd285

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