Beverly Hills Estate Cashout & High End SFR Purchase
Lone Oak Fund, LLC just funded two first trust deeds for a combined loan amount of $10,840,000, priced at 7.90% interest only. LOF provided cash out on the famous Beverly Hills estate to enable the purchase of a high-end Beverly Hills SFR. The borrower plans to sell the Estate, which is currently listed for $23,000,000, and rehab the new purchase.
Lone Oak provided 60% LTC on the purchase, and approximately 60% LTV on the cashout; a Junior lender brought in an additional 10% on the cashout, for a CLTV of 70%. The borrower was given a 6 month extension option on both loans at 1 point and 8.30% interest only.