The 30 lots of a proposed residential subdivision
identified as The Village at Lexington Heights has recently been funded. The
property has single-family residential zoning designation and an
approved tentative subdivision map in place permitting single-family
residential development. A final subdivision map for the subject
property is expected to record within two to four months. Bank financing
has been approved once final map is obtained.
The appraisal dated July 6, 2007, indicates an “As Is” value of $98,167
per lot for a total “As Is” value of $2,945,010. This would indicate a
39% LTV (Loan to Value.) As additional security, the borrower
provided a personal guarantee in addition to the First Deed of Trust.
The note is for (1) year, paying 12% interest on an annual basis, paid
monthly to the Investors, with a minimum of six (6) months interest
guaranteed. There is a 12 month Interest Reserve which has been collected
at closing and will be held in the trust account. Payments will be made in the
first week of each month.
Some fractional interests may still be available.
If at any time you have any questions regarding the
project, please call Lee Kauftheil at 800-689-8323, Ron Kahn at 650-279-0366, or Greg Meister at
650-400-5599.
