Bel Air Luxury Estate
Lone Oak Fund just closed an $8,000,000 first trust deed secured by a luxury estate in Bel Air valued at $30,000,000. A mortgage broker brought the deal to LOF in need of a quick close. The proceeds were used to pay off the existing construction loan of $6,000,000 and provide cash out to complete the project (the home is currently 90% complete). The estate will be listed for sale in the near future. The new loan is priced at 7.90% interest only for 12 months and 1.0 point. The Broker earned an $80,000 commission on this transaction.