LoanBase secured a $14,080,000 cash-out bridge financing for a six-unit, waterfront, luxury condominium complex that is mid-construction, located in Newport Beach, California. The borrower fully owned the development and had purchased it all cash at the time of closing. The borrower was seeking to use the financing proceeds to complete construction and recapitalize for other projects.

The borrower was asking for maximum loan proceeds in order to pay off an existing bridge loan that was leveraged at an average of 50-60% LTC hoping to finish the construction and provide cash-out for other similar developments in their portfolio.