Acquisition Financing for Entitled Land
Lone Oak Fund, LLC has provided financing for the acquisition of entitled land in Berkeley, California. The borrower, an experienced Bay Area developer, purchased the 11,737 square foot lot with a $1,000,000 first trust deed priced at 8.90% interest only. The borrower plans on building a 30,000 square foot mixed used project, primarily consisting of residential micro units. The first trust deed will be paid off with construction financing.