Loan-to-value limits include all liens recorded or to be recorded on the project property.
(a) When development loan funds are used for the purchase of unimproved real property, the loan-to-value ratio shall not exceed one hundred (100) percent of the unimproved appraised value.(b) When development loan funds are used for the purchase of improved real property, the loan-to-value ratio shall not exceed one hundred (100) percent of the improved appraised value.(c) When development loan funds are used for predevelopment or site improvement costs, the loan-to-value ratio shall not exceed 100 percent of the appraised land value, plus predevelopment and/or site improvements costs.Cal. Code Regs. Tit. 25, § 7747
1. New section filed 9-29-2003; operative 9-29-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 40). Note: Authority cited: Sections 50406(n) and 50650.2, Health and Safety Code. Reference: Sections 50650.3(b) and 50650.7, Health and Safety Code.
1. New section filed 9-29-2003; operative 9-29-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 40).