1124 Random Rd, El Cajon, CA 92020

Property Description

4+ Acres Lot with amazing panoramic views of the mountains and city Lights in a prime neighborhood! Plenty of parking for RV / Boat. The existing house must be removed due to a fire. All utilities are in place. You just need to rebuild on this prime spacious lot. This is a great opportunity to invest in a possibility of splitting the lot and building two duplexes. The new California law based on Senate Bill 9 lets property owners build a duplex on a single-family lot, or divide their property into two for a total of four units (please see attached documents for more information). Close to shopping center and schools. Easy access to Freeway. Don't miss out on this opportunity to build your dream home or a great investment opportunity to expand! Zoning is for half acre lots. It may be possible to subdivide the property into 4 lots. Important: Do not go into building due to safety reasons. Only look at the building from the outside. Loans: Per US Bank as of 2/1/22. Please call them to verify current rates. The Vacant Lot loans are very straight forward. The loan is a 30 year loan, fixed for the first three years at 4.625%, then becoming an annual adjustable for the remaining 27 years. No pre-payment penalty. For loans under five acres, we can lend: 75% to $300,000 70% to $400,000 65% to $500,000 60% $750,000 and above. For loans between five and ten acres, if the lot has all utilities, we are limited to 65% loan to value. No utilities, we are at 50% loan to value. 10 Acres maximum. Up to 20 acres on an exception basis. Borrowers will need a 720 FICO score. Scores as low as 680 are done with restrictions. That’s it! The Construction to Permanent Loans are fantastic! We can lend: 75% to $1,500,000 70% to $2,000,000 65% to $2,500,000 60% to $,3000,000 and above. We have a 30 year fixed rate construction to permanent loan at 3.375%, as well as loans that are fixed for an initial period of 5, 7, or 10 years, then becoming adjustable, all in the 2% range! During the construction period, the payments are interest only, based on only the amount that has been drawn for work that has been performed. Once all the draws have been taken, and the project is complete, the payments become principal and interest and it’s the permanent loan. There is no need to refinance, and borrowers lock into the interest rate for the entire term at the beginning of construction!