Corona Del Mar, CA
Single Family Residence
100% hard money financing on the purchase price of a single family home in Corona Del Mar, a coastal city in Orange County. This project will be a full tear down and ground-up build. Our borrower was seeking a hard money loan only for the acquisition, and he will fund the entire construction budget out of pocket. This was a first-time client with ARCH. The borrower has been working in this market for many years and has a great outlook on the community. The term on this loan is 6 months. The exit strategy will be to complete the ground up build and list the home for sale immediately upon completion. We were able to conduct an appraisal, underwrite and fund within one week.