- Collateral: First Trust Deed on 33 acres of industrial-zoned land in Riverside County. The property is located at the southwest corner of Little Morongo Road and Two Bunch Palms Trail in the City of Desert Hot Springs.
- Loan-To-Value: Estimated at 35%. Based on a multitude of comparable sales in the area, a value of $2.00 per sq. ft. ($2,874,960 for the 33 acres) appears reasonable based on the property’s current industrial zoning and recent annexation into the City of Desert Hot Springs. The Borrower is applying for a Conditional Use Permit to allow cannabis-related use on the property, which would allow the sale of lots to cannabis-related users. If approved, the CUP will likely double the value of the property.
- Minimum Interest: Six months minimum interest guaranty. No prepayment penalty after six months.
- Borrower/Guarantor Profile: Call for details. Loan Documents were done by and in conjunction with a California Law Firm.
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