As of 06/30/13:
• Second quarter average return: 7.2%
• Year-to-date annualized return: 7.2%
• Number of loans: 100
• Gross loan portfolio dollars: $38,888,126 (66.44% in 1st and 33.56% in 2nd position)
• Average loan-to-value: 43.02%*
• Average loan amount: $388,881
*calculated when loans are initially funded
The featured property this month is located at 1900 Monterey Drive, San Bruno, CA. The site has a total of 5.54 acres and is improved with a 59,300sqft religious facility known as the Calvary Cross Church.
The facility was built in 1967 and has been extensively renovated at different times. It has a sanctuary, fellowship hall, chapel, administrative offices, meeting rooms, store, classrooms, commercial kitchen, dining room, and reception hall area. The sanctuary seats 600 in pew seating. The building is three levels. The facility has exposure along and access from Monterey Drive. The on-site parking consists of 140 spaces and the offsite leased parking consists of 235 spaces.
Several years ago, the borrowers accepted loans from different parishioners in order to pay off the building’s bank note. As a result, they now own the facility free and clear. The church planned to sell other assets so they could pay back the parishioners. The sale of these assets has been delayed, and some of the members are in need of getting the loans paid back. Our borrowers requested a $1.5 million credit line in 1st position to use as needed for these payoffs. We had the property appraised and it came in at $10 million, putting us at a 15% loan-to-value! The church has a long community history and generates great cash flow from the 700-student school they operate. This is a great loan for the portfolio.
Past 12 months Annualized Returns:
|Month||Income Partner||Growth Partner|