Los Angeles, California

Lennox Lending closed on a ground-up construction project consisting of 5 single-family residences for a small lot subdivision. In a time where lenders are pulling back leverage for construction, Lennox Lending was able to get the Sponsor maximum leverage at 85% of project costs and 70% of future value. Lennox Lending was able to highlight the Sponsors ability not only to complete the project, but show the value add to the community which gave the lender confidence in the maximum leverage offered. The project was able to go from application to funding in a 45-day period.

• LOAN TYPE

  Ground-up Construction

• MARKET

  Los Angeles, California

• LOAN AMOUNT

  $4,675,000

• LOAN TO VALUE

  85%

• TERM

  18-Months

• PREPAYMENT

  None

• RATE

  10.99%

• RECOURSE

  Full Recourse