El Monte, CA
Refinance the borrower permanent loan and provide cash out to provide equity into another development project he was working on.
The subject property is the Holiday Inn Hotel, a 142 room hotel located in El Monte, California. The 4-story improvements were constructed in 2017. The property is situated between the El Monte and Rosemead neighborhoods, approximately 13 miles northeast of Downtown Los Angeles.
A foreign investor/developer that had used EB5 equity to start the construction. Had three projects ongoing in California and two in Hawaii.