Silicon Valley Purchase
This is a prefunded purchase only opportunity for a Single Family Residential property in California. The subject property address is 15211 Becky Ln, Monte Sereno, California.
The developer is requesting a loan of $1,519,000 in order to purchase the underlying property. The property was purchased for a total of $2,195,000 in September of 2015. The existing property will be torn down and a new single family residence will be built. The new residence will be approximately 4,000 sq.ft and will take 6-9 months to complete. The borrower is assuming all new construction costs. The initial draw in the amount of $1,519,000 occurs when when the loan closes. The borrower plans to sell in one year or under.
15211 Becky Ln
- Purchase Price: $2,195,000
- As-Is Value: $2,200,000
An independent third party appraisal shows an As-Is Value of $2,200,000 for 15211 Becky Ln. The LTV ratio is 69.05% 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 Monte Sereno continues to continues to be strong.
15211 Becky Ln was built in 1951, located in the suburban neighborhood of Monte Sereno, California. The property has 5 rooms including 3 bedrooms and 1 bathrooms, with a gross living area of 1,299 sq. ft. on a 46,422 sq. ft. lot. The existing property will be torn down and a new single family residence will be built. The property is near major Silicon Valley employers, local schools, shopping and services. The Monte Sereno neighborhood is comprised of average to luxury homes.
15211 Becky Ln
The existing property will be torn down and a new single family residence will be built.