Construction Loan Payoff
Four day close
Los Angeles, CA
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 construction loan matured in four days and two properties remained on the market. Hamilton Ridge’s managed fund provided a quick payoff of the existing construction loan. The loan closed within the four day window and the borrower was able to avoid the maturity penalties.
Property:
Townhomes
Size:
2,800+ square feet
Security:
1st Trust Deed
Loan:
$1,200,000
Value:
$3,400,000
LTV:
35%
Term:
6 months
