CASE STUDY: COMMERCIAL LENDING
LOS ANGELES, CA
The project, 12 Single Family Townhomes, built under L.A.'s small-lot subdivision ordinance, located in the Miracle Mile section of Los Angeles, was in mid-construction when the developer wanted to take out equity to finance the project’s completion.
Traditional financing was difficult to secure because the project was in mid-construction and the sponsor wanted a cash-out refinance from the equity in the project.
Arixa provided the developer a $6,800,000 loan to pay off existing financing and to fund the project’s completion. Out of the twelve units, the developer sold four units ranging from $968,000 to $1,040,000. The sales prices for the remaining units are projected between $930,000 and $1,000,000.
Our private investors & resources allowed our client to refinance and complete construction in an efficient and timely manner. To learn more about Arixa’s commercial lending, contact us today.
|Property Type||12 Townhomes|
|Funding Date||April 2016|
|Loan Type||Refinance & Construction Completion|