Board Topic: Looking for lender on PUD/CT property
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Looking for lender on PUD/CT property

Posted by: Damian Merrill Dec 15 2004, 03:37 PM
Hello my name is Damian and I am a loan officer in San Diego. I recently ran across a borrower who is trying to get financing on a property in the Palm Springs, CA area. The properties are zoned as PUD/CT (planned urban developement/ commercial tourism). The are lots of land in a very upscale Motorcoach park. Each site has a small (1000+ sq. ft.) "casita", and a 45+ ft. concrete slab w/ hook-ups for an Motorcoach (RV). Each "casita" has a full bath, full kitchen, living room with fireplace, laundry room, garage, and some have a den or hobby room. The problem I have been running into is that the appraisal for the lot reads like a residential property (1004), but the entire site is zoned as commercial tourism.

Posted by: Guest Dec 15 2004, 04:48 PM
Any kind of advice would be greatly appreciated...

Posted by: loanuniverse Dec 15 2004, 05:03 PM
Is there “unity of title”? I might be miss reading your post, but I think that the idea that your client has is to do something else with the properties such as getting the parcels together into a single development. If that is the case, then you need a commercial appraisal indicating an “as is” value as well as an “as completed” value.

If the intention is to leave the improvements in place, then residential appraisals are the most appropriate since that is what they are. {single family residences}

Posted by: Guest Dec 15 2004, 05:31 PM
I know that the developer got a commercial loan for the entire project and so far has developed a 9 hole regulation golf course, club house, tennis courts, etc., as well as 69 lots w/ "casitas" (development on the individual lots is completed ( the owner of the lots can up gade the lots if they wish, i.e. new appliances, different flooring, etc. as if it were their home). The developer has plans to and is adding an additional 141 lots w/ casitas in the next two years, but phase1 is completed.

Posted by: Guest Dec 15 2004, 05:34 PM
The property that I am trying to obtain financing for will be the first to be sold, so my closest comparable property is 4.9 miles away in a simiular developement. You can check out the web site for that developement at www.desertshoresresort.com

Posted by: loanuniverse Dec 15 2004, 09:33 PM
The developer got a commercial loan, but if your customer is buying one unit and not the whole development to create something then the closest thing is a residential loan, and due to the specialization of the property the comps are going to be far. I don’t think there is anything you can do regarding the appraisal.
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