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Deal Details
Private Loan Type
Residential Rehab
Approx. Funding Date
06/12/2020
Property Type
Property City
Montecito
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
60%
Building Square Footage
7,673
Lot Acreage
0.84
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Deal Summary
Rodeo Lending, a direct hard money lender in LA, funded a $5,105,000 1st lien position loan secured by a luxury home in Montecito, CA. 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 SFR hard money loan was funded in June 2020.
Funded By
Rodeo Lending
Creative Lending | High LTV Bridge, Rehab & Construction Loans Nationwide