Mortgage lead for Land loan in Vista, CA, 92083

Date Posted

1/15/2024 4:27:57 PM

Property at

Vista, CA, 92083, USA Show Map

Borrower at

Property Type

Land

Property Value

$2,000,000

Loan Request

$400,000

LTV

20 %

Credit Rating

780 or more

Loan Purpose

Property Purchase

Purpose

I own land entitled for 15 units multifamily that is on San Diego county's housing element, chosen so for it's ideal location for such development. I bought it in 2019 and have taken the Planning Dept stages up to the point where we are making grading plan revisions. I'll attach some documentation that will provide further insight as to what I plan to build there to convey it's value. Vacant land entitled for 10+ units in San Diego county goes for $2mil+. San Diego is not having the challenges that other areas of CA are having real-estate-wise. It is unencumbered and I own it outright solely. The adjacent lot that I own is to be involved in the development and has an existing house that I lease out - it has a $200K HELOC on it that I could close out of you wanted to lien against that as well. All told, the LTV of the $400K I'm asking for is 13-20% or less of its aggregate value. The proceeds will go towards a completed multifamily purchase. I'm hoping to arrange it to where I pay the loan off in 2 years as a one-time lump sum payment, so that a recurring monthly payment is not on the books. I'm hopeful that this is something that will interest you, but also hopeful that if it does not interest you you will know of someone who could help me. I can also provide you with the contact info of my civil engineer on the project should you wish. Address: 326 Plumosa Avenue Vista CA 92083 APN's: 217-092-49-00 & 217-092-50-00 Thank you for your time, David Facello (304) 932-1936

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Loan Request for Land loan in Vista, CA, 92083