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.