61 Carrerio Lane, Walnut Creek, CA 94597
61 Carrerio Lane has been successfuly FUNDED!
Close of Escrow (COE): August 4th, 2011
| LOAN TERMS | RETURN (ROI) ESTIMATES | |||
| Investment Type | Rehab - 2nd Loan Only | Sales Price | $720,000.00 | |
|---|---|---|---|---|
| Purchase Price | $350,550 | 1st Mortgage | $210,330.00 | |
| Rehab Costs | $100,100 | 2nd Mortgage | $293,700.00 | |
| Current Value | $350,550 | Agent Commissions | 6% | |
| After Repair Value | $720,000 | Agent Commissions (as cash) | $43,200.00 | |
| Loan Amount 2nd | $293,700 | Other Seller Closing Costs | $3,600.00 | |
| CLTV (Based on ARV) | 70.0% | |||
| Net Equity | $157,312.41 | |||
| Interest Rate | 12%* | |||
| Loan Term | 6 months | Lender's SAM (as percent of equity) | 20% | |
| Monthly Payment | $2,937.00 | Lender's SAM (as cash) | $37,385.46 | |
*12% interest with a 1% servicing fee for a net of 11% interest.
61 Carrerio Lane, Walnut Creek is a 2nd Mortgage opportunity at 70% LTV that features a Contingent Interest Note (also known as a "Shared Appreciation Mortgage."). The home is a traditional, single level Ranch-style home on a sprawling, large lot.
The borrower is an experienced General Contractor with extensive Management/Estimator experience for over 10 years working on renovation projects throughout the Bay Area, San Joaquin County and Tahoe regions. His projects range from custom SFR additions/renovations, to Condominiums, and Apartment construction management. His plans for Carrerio Lane include the rehab and restoration of this ranch style single level home to its former glory, while increasing the home by 500’ sq.ft. The home will result in finished specs totaling over 2200 sq. ft., with 4 bedrooms and 3 baths, sitting on a large 11,625 sq.ft. lot.
The borrower is coming in with ~$15,000 of his own funds and plans to renovate, build and sell within a 4 month time frame to allow for 2 months of marketing for sale. All interest payments will be impounded in advance.
PLEASE NOTE: The potential net profits derived from a Shared Appreciation Mortgage (also known as a Contingent Interest Note) are contingent upon the final sales price of the subject property. NorCal Capital Management Inc. cannot make any representations or warranties that the final sales price will match, exceed or be less than the estimated after repair value specified here. Your return may be less than stated in this estimate, and past performance is no guarantee of future returns. However, interest payments from the debt coupon are paid monthly from the impound account directly to the lender.
