Huntington Beach, CA
Single Family Residence
Residential Ground-Up Construction11/01/2018
Carlyle Capital funded a $1.3 million ground-up construction loan for a residential property in Huntington Beach, CA. The owners purchased one large lot and plan to develop it into two separate properties, side by side. The $1.3 million in funding was needed to begin construction on one of the two properties. An additional $1.4 million of funding was secured for the second lot through Carlyle Capital as well. The developers plan on creating two properties that are both modern yet fit into the aesthetic of the neighborhood seamlessly. The piece of property is a diamond in the rough, right in the heart of beautiful Huntington Beach, a few short miles from iconic Surf City, USA. The interest rate was 8%, LTC was 90%, ARV was 65% and the loan term was 12 months.