Construction Loan Payoff - Four day close

Los Angeles, CA

Property Type Townhomes
Size 2,800+ square feet
Security 1st Trust Deed
Loan $1,200,000
Value $3,400,000
LTV 35%
Term 6 months

The subject property is a 4-unit townhome development in Los Angeles, CA.

The project was completed and two of the four townhomes sold.  The remaining two properties remained on the market and the Borrower’s construction loan was about to mature in 4 days.  In order to avoid penalties, Hamilton Ridge’s Fund was able to provide a quick payoff of the existing construction loan as well as some cash-out to replenish reserves.  The loan closed within the 4 days and the interest rate turned out to be lower than the bank’s interest rate.