Development Site Acquisition
Lone Oak Fund, LLC funded a $1,500,000 first trust deed at 36% LTC, priced at 8.90% interest only for 6 months, and 1.50 points. The loan is secured by a vacant, 14-unit apartment building in the Mid-Wilshire district of Los Angeles. The borrowers – who are developers with over 25 years real estate experience – utilized Lone Oak for the purchase of the site, and intend to take us out with a construction loan. Once Lone Oak is paid off, Borrowers intend to demolish the current structure and build new development in its place.
The broker who brought this deal to Lone Oak earned $15,000 on the transaction.