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This $55,000
2nd TD note is being originated to yield 10.5 %
on interest only payments of $481.25, and a final payment of
$55,482 in November, 2011. Note terms will include a late
charge of $48 if not paid in 10 days, a due on sale clause,
and 18% interest or the maximum permitted by law if in
default.
The note is
secured by a house and duplex on Nile Street east of Balboa
Park in San Diego. The house has 3 bedrooms and 1 bath,
rented to the same tenants for the last 7 years for $1,500.
The duplex has two 2 bedroom, 1 bath units each rented for
$1,250. There are 2 garages. The rents total $4,000 monthly.
Central
Mortgage holds the $317,722 first mortgage payable $904.45
per month including 2% fixed interest increasing 1% per year
for 4 years, all due in 29 years. The loan to value ratio is
65%.
The owners
are 2 men active in real estate who own this and other
rental properties and have made all mortgage payments on
timely basis.
Ln # 695
November 12. 2008 The full prospectus is
available at the office of: |
Be
informed:
Harris
&Co.