Funding Purpose
Provided 100% bridge financing for the sponsor to entitle the property for a high-end Spec build.
Property Description
Single-family residence in the affluent beach town of Manhattan Beach, CA.
Sponsors
Successful businessman in the medical field looking to break into the CA real estate market.
Challenges
- Needed 100% financing, sponsor had a lack of real estate experience, seller gave a short closing window
Solutions
- Utilized cross-collateralization, presented lender with full diligence upfront
Funding
- Loan Amount (LTV) – 100%
- Interest Rate – 4.75%
- Term – 12 Months
- Recourse – Full recourse
- Interest Only – Full-term IO
