$2,330,000 Senior Multi-Family Project – Los Angeles, CA

Deal Overview

LoanBase facilitated the ground-up construction financing for a six-unit multifamily building located in the Culver City area. The property is a two-story complex, made up of 2 one-bedroom one-bathroom, and four two-bedroom two-bathroom units, located in a large residential pocket and is surrounded by major retailers, such as Whole Foods, Target, and Walmart.

The borrower was a first time commercial investor and chose LoanBase to find a trusted lender to take care of his financing needs.

Transaction Details

Loan Amount

$2,330,000

Loan to Value

75%

Term

24 months

Prepayment

None

Rate

prime + 0.70% (5.20% floor)

DCR

1.20x

Recourse

non-recourse