LFB was approached by a client looking for construction financing on a portfolio of projects after their previous lender backed out due to Covid-19. The first project was two luxury homes to-be-built in Venice Beach. At the time of request, the existing bridge loan had matured and the borrower was in default. LFB quickly stepped in, identified a capital source and arranged high leverage construction financing covering 100% of the remaining project costs which included an interest reserve on a 15 month term.
Plans for the project include the construction of two 3,000 square foot modern condos featuring 15 foot high ceilings, 1,400 square foot loft-like great rooms and 650 square foot private roof top terraces with fire pits. The property is within walking distance to famous Abbott Kinney and is expected to fetch $3,000,000 per each finished unit.
LFB is now structuring the debt and equity for the remaining three developments, which are all within the west side of Los Angeles.
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