This is a prefunded purchase only opportunity for a Single Family Residential property in California. The subject property address is 10584 Johnson Ave, Cupertino, California.
The borrower is requesting a loan of $868,000 in order to purchase the underlying property. The property was purchased for a total of $1,240,000 in August of 2015. The existing property will be torn down and a new single family residence will be built. The new residence will be approximately 3,000 sq. ft. and will take 6-7 months to complete. The borrower is assuming all new construction costs. The borrower plans to sell in one year or under.
10584 Johnson Ave
- Purchase Price: $1,240,000
- As-Is Value: $1,000,000
An independent third party BPO commissioned by Patch of Land, shows an As-Is Value of $1,000,000 for 10584 Johnson Ave. The BPO LTV ratio is 86.8% and is in line with the data we found during our due diligence process. Our research shows the residential market surrounding the underlying property in this area of Cupertino is strong.
10584 Johnson Ave was built in 1954, located in the suburban neighborhood of Cupertino, California. The property has 6 rooms including 3 bedrooms and 1 bathrooms, with a gross living area of 1,048 sq. ft. on a 5,227 sq. ft. lot. This property will be torn down and a new single family residence will be built in its place. The property is near Rancho San Antonio County Park, Ridge Vineyards, Apple Computer, Stevens Creek County Park, Cupertino Memorial Park, Flint Center for the Performing Arts, West Coast Farmers Market, Fujitsu Planetarium.
10584 Johnson Ave
This property will be torn down and a new single family residence will be built in its place. The new residence will be approximately 3,000 sq. ft. and will take 6-7 months to complete.
The borrower has more than 11 years of experience in the real estate industry. He has worked as a real estate agent for CalHomes for 3 years and has been involved in the acquisition, management and oversight of 3 multi family unit projects. In 2013 the borrower acquired 10576 Johnson Ave, Cupertino CA 95014 for $950,000, tore the old structure down and spent $550,000 on building a new home. The property is almost ready for sale and will be put on the market next month for $2.4 M. To date, the borrower has been made a profit in all the projects in which he has been involved.