Mortgage lead for Land loan in Elverta, CA, 95626

Date Posted

7/26/2024 12:31:49 PM

Property at

Elverta, CA, 95626, USA Show Map

Borrower at

Los Angeles, CA, 90077, USA Show Map

Property Type

Land

Property Value

$6,000,000

Loan Request

$1,500,000

LTV

25 %

Credit Rating

780 or more

Loan Purpose

Purchase and Construction

Purpose

DESCRIPTION OF THE LOAN SOUGHT The Applicant, Keith M. Fromm, owns a 34.2 acre piece of raw land (the ‘‘Property’’) located in Elverta, California which is a suburb of Sacramento. The Applicant has owned the Property for 32 years and it is free and clear. At the time he purchased the Property it was on the outskirts of the developed area of Sacramento. However, Sacramento has experienced explosive growth during that time and the Property is now in the immediate path of progress. The Property, located just north and east of the intersection of Rio Linda Boulevard and Elverta Road is 9 miles (north) from downtown Sacramento, 7.5 miles (east) from Sacramento International Airport and 9.5 miles (west) from downtown Roseville. Primary access to the Property is from Auburn Avenue via Elverta Road. The parcel is bordered to south and east by residential parcels zoned A-2 (which permit one dwelling unit per two (2) acre lot). Properties to the north are zoned AG-20 (one dwelling unit per 20 acre lot). The parcel is bordered on the west by an abandoned railroad grade owned by the County of Sacramento and several industrial zoned properties. The parcel is designated as Agricultural Cropland in the Sacramento County General Plan1 and is currently zoned AG-20 with the County Use Code of Vacant-Residential. The last update to the Sacramento County General Plan was in 2011 with a plan horizon to 2030. The County’s previous General Plan’s planning horizon was 1990 to 2010. Sacramento’s recent growth has outstripped previous estimates. The Applicant seeks a loan in an amount up to One Million Dollars ($1,000,000) to fund an application to amend the General Plan, amend the Community Plan, amend the zoning designation and obtain a tentative subdivision map to subdivide the 34.2 acre parcel into seventeen (17) two (2) acre single family residential lots.

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Loan Request for Land loan in Elverta, CA, 95626