RUETTE LE PARC
LFB Ventures was approached by a client who was looking to do a cash-out refinance on a portion of condominiums they owned within a larger condominium project in Del Mar, CA. The larger community includes 144 townhome style condominiums that were built in the late 1970s. Of the total 144 units, our client owned 59 units. Given our clients minority ownership within a larger HOA, there was an added layer of complexity on capital sources who could meet the request at competitive terms.
LFB was able to navigate the capital market and secure a 10-year interest only loan at 3.65%, with no lender fees, and only encumbered 21 of the 59 units. With only 21 of the 59 units being encumbered, our client has the ability to leverage the remaining 38 units as needed. The refinance was completed in roughly 30 days from term sheet execution.