A Los Angeles based luxury home developer used a $4,500,000 private money luxury loan, including $1,000,000 cash-out, to complete the construction on subject property along with another project under way.
When we were introduced to this private money luxury loan opportunity in Los Angeles, it was 85% complete. The certificate of occupancy was a few months away from issuance and the experienced developer had a capital requirement of nearly $1,000,000 to complete both the subject property and another project nearby in the Hollywood Hills.
A straightforward $4,500,000 cash out refinance without funds being held back for construction completion. This structure gave the client flexibility to complete both projects without fund control oversight, which is often the case with construction completion private money loans.
Although the underlying collateral is the subject property, the trust deed investor (lender) also considered the client’s successful track record and 15 years of experience. The client received nonrestrictive cash in hand, while the trust deed investor maintained a comfortable leverage position with significant protective equity in the property.
We continue to work with this group, providing high-leverage private money financing options that allow them to grow their luxury real estate development business.
Prior to Funding Conditions:
- PFS – Personal Financial Statement
- Construction completion budget
- Investor site visit (free of cost)
- No appraisal, No upfront cost
- Loan docs sent to escrow in 7 days from application
Private Money Luxury Loan Terms:
- $4,500,000 Loan Amount
- 24-Month Term
- No Prepayment Penalty
- No Appraisal Necessary