17th STREET APARTMENTS
LFB successfully arranged $471,000 for the refinance of a 10-unit multifamily project that was stalled due to lack of funding. Our client, a San Diego based developer/builder, came to us seeking a second trust deed in order to finish the mid-construction project. Instead of locating a second, LFB was able to reset the first at a higher amount, while also bringing down the rate. This allowed our client to finish the project with ample funding and only one lender. At time of funding, the loan was 100% of as-is value, with an estimated ARV of $725,000 leaving the lender with an exit leverage of 65%.