LFB successfully arranged the acquisition financing for a commercial property in Venice Beach, CA. The total financing was $2,025,000 and was structured as a first of $1,625,000 and a second of $400,000, for a combined loan to value equal to 60%. The property is made up of a one-story 1,598 sf motel on a 4,003 sf lot, and an adjacent 4,001 sf parking lot. LFB was given two weeks to locate the capital and close. Total leverage came in at 65% on land, with a closing start to finish of 5 days from locating the capital source.
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