Updated Oct 29, 2024
Patch Of Land Lending Provides $2.08M Construction Loan For Dev Site In San Dimas
Brasada Ln, San Dimas, Ca, Usa
$2,082,400
$40/SF
Building Size
51,100 SF
Asset Type
Development Site
Closing
Sep 29, 2020
About this deal
AI
A development site located at 1628 Brasada Lane in San Dimas has recently secured a construction financing loan. The lender for this loan is Patch of Land Lending, represented by Tameer Orevi. The loan amount is $2,082,400, and it is set at 80% loan-to-cost (LTC) ratio. The loan term is 18 months, and there is no prepayment penalty. The total building size of the planned development is 5,110 square feet.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,082,400
- Address: 1628 Brasada Lane
- Market: San Dimas
- Lender: Patch of Land Lending – Tameer Orevi
Brasada Homes Land III, the landlord of the property, has successfully secured the construction financing loan. The loan provided by Patch of Land Lending, with Tameer Orevi as their representative, will enable the development of a project with a total building size of 5,110 square feet. The loan terms include an 18-month loan term and no prepayment penalty.
Players
San Dimas Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.62%
Cash-on-Cash
-2.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93