0 Sundown Dr, Los Angeles, CA 90065

Property Description

AMAZING VIEWS!!!! Lot is left of 2539 SUNDOWN DR Zoning LAR1. Take this great opportunity to build your dream home in the heart of Glassell Park area with gorgeous city views! No reports or surveys available. Please check with city of Los Angeles Building & Safety for specific questions & details. All utilities should be nearby. Lots like this don't last long in this market! Buyer to verify all info & rely on their own investigations. Sold AS IS & WHERE IS. Drive by & MAKE OFFER. See Supp. for available loan programs. US Bank has a couple of great programs available for your potential buyers: The lot loans are really straight forward. The loan is a 30 year loan, fixed for the first 3 years at 5.0% then changing to an adjustable rate loan after that. There are no points, no pre-payment penalty. We can lend: 65% to $750,000 AND ABOVE 70% to $500,000 75% to $400,000 80% to $300,000 The construction loan programs are fantastic.! We can lend: 80% LTV to $1,500,000 75% LTV to $2,000,000 65% LTV to $3,000,000 We have a fixed term for an initial period of 7, or 10 years, then becomes adjustable after that. The 7 year is at 3.5% and 10 year is at 3.625%.We also have a 30 year fixed rate construction loan at 3.875%! During the construction period, the borrowers payments are interest only on the amount they've drawn, much like a credit line. Loans are approved for the full amount needed and we use a fund control company to disburse funds/reimburse the builder for work that has been performed. For example, the borrower's take out a $1,00,000 loan, the payments are zero (unless we pay off the lot loan with the construction loan), then the builder does the foundation work and requests a draw for $30,000. The fund control company inspect to make sure the work has been done, then we release $30,000 to the builder. Now the payments on the loan are based on $30,000. Once the construction is complete, the loan becomes principal and interest.