As of 9/30/19:
• Year-to-date annualized return: 7.2%
• Number of loans:38
• Gross loan portfolio dollars: $26,253,673 (58% in 1st and 42% in 2nd position)
• Average loan-to-value: 49.89%*
• Average loan amount: $690,886*
*calculated when loans are initially funded
Our property this quarter is located at 8489, 8491, and 8493 Auburn Boulevard in Citrus Heights, California. The property is a commercial shopping center that is 6,000 sq ft sitting on a 23,174 sq ft lot. The single-story building was constructed in 1974. The subject consists of a retail building currently divided into 3 units. The property is located in a retail/commercial area adjacent to Interstate 80 and Auburn Blvd, a major arterial in Citrus Heights.
Our borrower had owned the subject property for many years when the shopping center it was part of lost its anchor tenant, Kmart. Recently, a new movie theater and Smart & Final store replaced
the old Kmart location. As a result, our borrower decided to improve his property.
We provided a $300K loan in 2nd position, which will allow him to do the improvements. Our combined loan-to-value is 46%. After improvements are completed, our loan-to-value will improve!
Past 12 months Annualized Returns:
|Month||Income Partner||Growth Partner|