$8,000,000 Entitled Land Loan
Lone Oak Fund provided an $8,000,000 first trust deed on two separate waterfront parcels totaling 4.27 acres in Oxnard, California. The Borrower acquired both fully entitled parcels for $16,040,000 and plans on building 117 luxury residential units. The Loan will be paid off with construction financing. The 3-month loan is priced at 8.50% interest only and 0.50 point. As always, there is no prepayment penalty and no personal guaranty was required.