Refi of Coastal Mixed-Use Estate
Lone Oak Fund, LLC financed a $3,625,000 first trust deed, secured by a mixed-use, high-end, private resort in Carpinteria. The borrower, a foreign national, came to Lone Oak for a quick close to pay off current debt. The 24 month loan was priced 7.90% for the first 6 months, 8.30% for months 1-12, 8.60% months 13-18, and 8.90% months 19-24, interest only. Lone Oak charged an origination fee of 2.0 points and there are no prepayment penalties. Lone Oak also sourced a 2nd Trust Deed from a reputable lender to bring in additional capital in the amount of $875,000.