LFB recently funded a $3,410,294 loan for the purchase and completion of a stalled construction project within the Coronado Cays community of San Diego. This bayfront home, once completed, will reach nearly 7,000 square feet in size, offer 7 bedrooms, 8 bathrooms, vaulted ceilings, elevator, lap pool, spa, and staff quarters. In addition to the home itself, the property comes with two private boat slips, offering direct access to all that San Diego bay has to offer.
LFB provided funding for both the purchase and construction completion. At closing, LFB funded $1,730,000 towards the purchase of the home, while holding back the balance for construction completion. The holdback amount represented 100% of the projects remaining costs. The term of the loan was 14 months, with no prepayment penalty other than 3 months minimum interest. An interest reserve was funded at closing to eliminate borrowers need to service the debt during completion of construction. The home is expected to be worth $6,200,000 once completed.
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