Beverly Hills Contiguous Parcels

 In RECENT TRANSACTIONS

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.

Transaction:Refinance
Loan Amount:$6,000,000
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
Term:6 months
Rate:8.90% interest only
Origination Fee:1.50 points
Extension Option:6 months at 1 point and 8.90% interest only
Prepayment Penalty:None

 

 

 

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