Beverly Hills Contiguous Parcels
Lone Oak Fund, LLC provided speedy refinancing of 3 contiguous parcels in the heart of Beverly Hills. The property is made up of 3 residential buildings – two duplexes and one triplex. The borrower, a longstanding client of Lone Oak Fund, secured a $6,000,000 loan for 6 months, priced at 8.90% and 1.50 points to pay off the existing liens on the property.
The property is fully entitled for construction of a new 16-unit condominium building. The Borrower plans to pay off Lone Oak’s first trust deed with a construction loan and develop luxury condominium units. As always, Lone Oak Fund does not have a prepayment penalty or any exit fees.
|Collateral:||3 contiguous parcels, consisting of: 3,716 square foot duplex, a 4,315 square foot duplex and a 3,342 square foot triplex on a combined 17,258 square foot lot|
|Rate:||8.90% interest only|
|Origination Fee:||1.50 points|
|Extension Option:||6 months at 1 point and 8.90% interest only|