We are seeking a Bridge Loan of $60,000 - $75,000 NOW on a Building Lot we own, and a new Construction Loan next Spring/Summer of about $1 Million.
The salient points;
1 - Address is 500 East Hillcrest Rd., Thousand Oaks, CA (We own the entire S.E. Corner of Hillcrest and Hodencamp), SEE ATTACHED.
We bought it in June of 2021 for $90,000. plus change including closing costs. We own it Free and Clear.
2 - We've spent just short of $50,000 on Civil Engineering, Architectural, "soils conductivity test", Environmental Reports, etc...
3 - We do NOT intend to use a Builder/G.C. We intend to hire a Project Manager who will help us Sub everything out on our own and help supervise and oversee the Project and all subs.
Other things you may want to know;
*This is a pre-sold build job for $1.8 Million, in Escrow with Consumer's Title, which is a First American Title Office.
*Most of the Civil Engineering is complete including Topography = Cost $9,000. SEE ATTACHED
*We have completed a "soils conductivity test" = Cost $19,300. We plan to install a GeoXchange System vs traditional HVAC.
*We are about 2/3rds thru the process to Full Entitlement, expected to be complete by March of 2025.
*The retaining wall has been engineered and designed, SEE ATTACHED = Cost $2,800.
*We have a BPO Appraisal completed last Month for $250,000. SEE ATTACHED! I'm NOT happy with that because the appraiser did NOT know we've completed most of the Civil and have engineered plans for the retaining wall and Topography Map completed which certainly would've pushed the value to over $300,000.
A Permit Ready Building Lot in Thousand Oaks is worth $500,000 ALL DAY LONG and I don't think any Professional in Real Estate would argue with that.
*We have a full set of Architectural Building Plans and are ready to start plan check as soon as we have full entitlement = Cost so far $16,500.
*Next Spring, we expect to seek a Construction Loan for about $1 Million.
*Property is Titled in the name of Other Assets LLC.
*Borrower/Applicant will be Other Assets LLC.
If you need anything else, please reach out.
If you can't get these loans done, perhaps you could refer us to someone who can???
LMK
Thank you.
Respectfully, Parke Blair
Managing Director, Other Assets LLC
(805) 638-8057
