Los Angeles, California

Lennox Lending successfully closed on a mid-construction refinance for an experienced developer in the Los Angeles market. While the Sponsor’s previous lender was unable to continue to process their draws, Lennox Lending was able to use their network of lending partners to successfully obtain financing to take the borrower through completion. Using the as-is value, the Lender was able to provide the Sponsor enough equity to bring the cash to close down and facilitate the maximum leverage for what most consider a risky loan.

• LOAN TYPE

  Mid-Construction Refinance

• MARKET

  Los Angeles, California

• LOAN AMOUNT

  $5,850,000

• LOAN TO VALUE

  80%

• TERM

  18-Months

• PREPAYMENT

  None

• RATE

  11.25%

• RECOURSE

  Full Recourse