LFB, on behalf of a repeat client, recently arranged permanent financing for three luxury single family rental properties in the upscale community of Corona del Mar, CA. The three properties were all newly built homes with a total value in excess of $7,000,000. Given the demand for single family homes during the Covid-19 pandemic, the rental market offered our client a great alternative to the sale of each asset. Each of the homes is designed as a front and year home, with rooftop patios and direct walking access to the village and beach.
The loan was used to pay off construction financing that was held by more than one lender across the three properties. The financing secured by LFB was structured as a 5/1 ARM, interest only with no impounds and a 30 year amortization. The rate was 4.625%.