Funding Purpose
Refinance of a construction loan.
Property Description
5-unit Multifamily in Century City off Beverly Glen Blvd.
Sponsors
Sponsor owned the property since 2003 and re-entitled the property for 5 high-end townhomes.
Challenges
- Funded a permanent loan prior to Certificate Occupancy
- Tight timeline with construction loan coming due
Solutions
- Relied on strong pro-forma numbers to negate certificate of occupancy risk
- Negotiated extension with prior 1st position lender
Funding
- Loan Amount (LTV): $4,000,000
- Interest Rate: 2.75%
- Amortization: 30-year
- Term: 5-year
- Recourse: Recourse
