$10.3MM AD&C BANK LOAN FOR 12 SLO UNITS
We are pleased to announce that we have recently closed a $10.3MM AD&C loan.
This transaction featured a fully entitled, and shovel-ready project in a Los Angeles neighborhood. Because the builder had owned the property and created significant value due to the assemblage, and entitlement efforts, we needed to find a BANK lender that would recognize the increased value.
Beachrock was able to find a lender that was able to recognize this significant value creation and lend at a relatively high advance rate (over 80% LTC).
The advance rate resulted in a "cash out" to the borrower, which allowed him to finance entitlement efforts for future projects as part of his overall business plan. The lender also made allowances for FUTURE advances against upcoming construction loans for the Borrower!
BEACHROCK THANKS EVERYONE INVOLVED IN THIS TRANSACTION!