We are able to help with hard money luxury home loans in Los Angeles as well as throughout California. Recently we were able to facilitate a $25,000,000 loan on a recently completed high end luxury home.
This deal came to us as the existing loan was coming due. The home was in the process of final signoffs from the city and the borrowing entity was looking for a new loan at attractive terms. The goal was to take out the existing financing and pull out enough cash to self carry the loan for 12 months while they marketed the home for sale.
This transaction had a number of hurdles, not least of which being the existing Covid-19 pandemic. Even with all the uncertainty in the market, we were able to secure funding for this property and get the file closed within 30 days of initial application.
The property was difficult to comp due to the size and price point. This property is 41,000 square feet, with 8 bedrooms and 21 bathrooms. There is a 1200 bottle wine cellar, recording studio, theater room with seating for over 30 people and multiple levels.
It also contains a full size basketball court, multiple pools, excellent views and high end finishes throughout.
It is a one of a kind trophy property, built in a modern Spanish Villa style, being marketed for $100,000,000. Needless to say, there were not any exact match properties to use for a value basis!
We were able to overcome these hurdles. The guarantors were very strong on paper, and had experience in this niche. We’ve spent years cultivating relationships and funding sources to assist our clients with a wide variety of financing in the private money world. Our hard money luxury home loans in Los Angeles are a specialty niche. We utilize professionals who specialize in underwriting these types of deals. With a strong understanding of the market and a walk through site visit, we were able to offer a term sheet very quickly, with funding shortly following.
If you are in need of hard money luxury home loans in Los Angeles, or anywhere in California, please call us today. We specialize in private money funding and can let you know whether we are likely able to help with a 10 minute phone call. We have no maximum loan amount cap. If the deal has merit, the value and equity are there and the file makes sense, we can likely help with your financing needs.