The security for this loan is a 3 bedroom, 3 bathroom, 1913 sq. ft. home on .2709 acres in the Santa Rosa Oaks subdivision off S. Wright Road.  It is 2 stories, zoned RR3, built in 1947, has well water and city sewer and has 1 garage on the lot. 

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According to public records, it has a composition shingle roof, raised foundation and wall heating system.  This property was purchased at auction by the borrower who was unable to gain access to the interior of the house, as it is currently tenant occupied.  Borrower is currently in negotiations to vacate the tenant and then plans renovate the property and remarket for approximately $350,000.  Broker’s conservative value of this property is based upon the purchase price of $268,000.



                                               Estimated Value   $268,000

                                               Loan Request        $175,000

LTV: 65%                              Security                   $  93,000