Collateral: First Trust Deed on a 3,650 sq ft 5 bedroom 5 bathroom home on 0.06 gross acres of land located at 505 J Street, Newport Beach, CA 92661 on the Balboa Peninsula near the beach in Newport Beach, CA.
Loan-to-Value: Estimated at 79% The average sale price of homes on the Balboa Peninsula sold in the past 120 days was $1,774.98 per sq. ft. Applying a price of $1,600.00 per sq. ft. to the subject property indicates a potential sale price of $5,840,000.
Minimum Interest: 6 months minimum interest guaranty. No prepayment penalty after 6 months. Interest reserve for 12 months. 6 months interest paid up front.
Funding Date: On or before August 10, 2021.
Borrower/Guarantor Profile: Rich Marino is a Las Vegas native. Rich as owned and managed several businesses over the past 20 years and currently runs an investment firm. LLC to be formed.
Sources of Repayment:
- Sale of Property to a 3rd Party.
- Refinance with a conventional lender.
Loan Servicing: FCI Loan Servicing will provide loan servicing at Borrower’s expense.