Description
Lot is 5,670 sq ft vacant land, cleared land.
Proposed square feet 5,710
Comments
I am seeking a construction loan in the amount of approximately $4,600,000. The project involves the spec building of a custom home in the Hollywood Hills, Los Angeles CA. The existing structure has already been razed. The project is permitted and ready to go. All soils reports had been completed. The builder is experienced in building homes of this caliber and has credit scores over 700.
Property has an appraisal of $7,600,000 upon completion.
Builder information is available including credit report, financials, history and licenses.
Use of funds:
$1,600,000 Existing Loan Payoff
$2,750,000 Construction
$ 250,000 Interest Reserves and loan costs
$4,600,000 Loan Amount Requested
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Location: City of Los Angeles (Mulholland Drive to the north, Sunset Blvd to the south, Kirkwood Dr and Hillcrest Rd to the west.)
Project
Lot is 5,670 sq ft vacant land, cleared land.
Proposed square feet 5,710
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Summary
$2,180,000 Purchase price of lot 05/16/2017
$4,600,000 Loan amount Requested
$5,450,000 Total cost
85% Loan to cost
$7,600,000 After Repair Value
60% ARV
