$12MM CASH OUT REFINANCE 13 SLO UNITSIN ECHO PARK AREA
We are pleased to announce that we have recently closed a $12MM cash out AD&C refinance.
This transaction featured an outstanding location, and unique "SLO" (small Lot ordinance) homes that were partially completed (within 6 months of completion).
The existing lender would not agree to extend the loan without punitive rate and fees, despite the fact that there was ample value in the collateral due to the hot market, and superb nature of the project.
Beachrock was able to locate a lender that would allow the builder to pull a significant amount of cash at the closing, which was helpful to purchase and entitle future projects. Additionally, because the project was partially complete, it was important to find a lender that was able to understand the nuances of a mid-construction refinance.
Comments from the Client:
“Over the past several years, Anthony has taken the time to understand our organization, which has been key to delivering financing solutions that fit our needs. Anthony has proven to be a dependable professional, and we have enjoyed a very productive relationship with him.”
— DANIEL, PRESIDENT
BEACHROCK THANKS EVERYONE INVOLVED IN THIS TRANSACTION!