Single Family Residence
Rodeo Lending, a direct hard money lender in LA, funded a $5,105,000 loan secured by a luxury home in Montecito, California. The Borrower is a repeat client that has extensive experience with residential rehab projects. He had already acquired the property and was planning a major renovation. Rodeo paid off the previous 1st mortgage and provided a new loan which included funds for the rehab, plus a 12-month interest reserve. The rehab budget will be fund controlled and released in phases. The loan-to-completed value is 60%. This iconic private enclave consists of 7,673 square feet on a .84 acre lot, with , 7 bedrooms and 4.5 baths, located on one of the best streets in Montecito, within walking distance to restaurants and shops. The Borrower plans to modernize the home and sell upon completion to exit from our loan. This hard money loan was funded in June 2020.