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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
05/25/2023
Property Type
Property City
Los Angeles
Property State
CA
Loan Term (months)
18
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$6,500,000
Construction Budget
$5,466,000
Construction Budget Funded
57%
Builder's Contribution to Budget
43%
Completed Value
$10,500,000
Loan-to-Completed Value
57%
Construction Project Scope
Horizontal and Vertical
Location Type
Suburban
Property Condition
Vacant Land
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
6,259
Borrower's Plan
Build and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
11.49%
Origination Points
1.5%
Deal Summary
Center Street Lending, a direct private hard money lender for residential real estate investors, funded a $3,117,200 1st lien position ground-up construction loan for a luxury single-family home in Beverly Hills, California. The land was owned free-and-clear with an estimated value of $6,500,000. We funded 57% of the $5,466,000 construction budget, while the Borrower contributed 43%. The completed value was estimated at $10,500,000 so our loan-to-completed value was 57%. The Borrower is a highly experienced builder who had already completed most of the horizontal development. The subject property will be a 6,259-square-foot Ridge View architectural home with breathtaking views of West LA and the Pacific Ocean. The Borrower plans to sell the property upon completion of the vertical construction. The interest rate was 11.49% and we charged 1.5% origination points. The loan term was set at 18 months. This SFR ground-up construction loan was funded in May 2023.
Funded By
Center Street Lending
Smarter Loans for Residential Property Investors