Loan Amount
$14,845,000
Acquisition and Construction Loan for 10,000 SF Luxury Home; 75% LTC
- Property Type
- Luxury Home
- Area
- West Hollywood
- Purpose
- Construction Loan
- Brand
- Luxury Home
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First Financial Capital had booked two loans for one property, one for the initial acquisition in the amount of $1,345,000 and the other for the construction loan in the amount of $13,500,000 bringing the total loan amount to $14,845,000.
The borrower needed quick funding for the acquisiton of fee-simple real estate and a clear game plan as to how they would go about developing the luxury home. FFC commited to providing the initial acquisiton funding which would then follow with the construction loan upon having full architecutal plans in hand.
While we do provide interest reserves on our loans, the borrower decided not to utlize it despite being in the midst of the COVID-19 pandemic.
The developer accurately predicted the estimated time of completion and sold the house in a turnkey state in Spring of 2021
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