Hard Money Loan for SFR in Corona Del Mar, California

ARCH Loans, a private lender, funded a $1,750,000 1st lien position hard money loan for the acquisition of a single-family home in Corona Del Mar, California. Corona Del Mar is a coastal city in Orange County. We funded 100% of the purchase price. 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. This SFR hard money loan was funded in November 2018.