LFB funded a $2,245,200 loan for the purchase and renovation of an existing single family residence in Laguna Beach, CA. The existing home has over 3,600 square feet of living space, with 4 bedrooms and 4 bathrooms. The home offers three levels, with a two-story street view and a lower, third level walk-out. Given the expansive view from nearly every room, the large existing square footage, and potential to create rental income through the walk-out lower level, the investment drives a high exit value upon completion of the renovations.
The term of the loan was 12 months, with LFB financing 85% of the purchase price and 100% of the renovation costs. The loan is interest only with no prepayment penalty other than three months of yield maintenance.
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