Brief Overview
Loan Purpose: The borrower sought a $500,000 2nd Trust Deed secured by a single-family residence in Los Angeles. Loan proceeds will be used to complete the landscaping phase of a construction project, which includes an outdoor kitchen, hardscape, irrigation, lighting, and other exterior improvements. The full construction budget of $500,000 will be held in funds control and disbursed as work is completed. The exit strategy is a conventional refinance upon completion of construction. The existing 1st Trust Deed, with a principal balance of approximately $3,909,000, is held with Kinecta Federal Credit Union at an interest rate of 3.50%, maturing in April 2052.
Property Description: The subject property is located at 600 Cascada Way, Los Angeles, CA 90049, within the Bel Air-Beverly Crest neighborhood. The property is a high-end single-family residence situated on a 10,397 square foot lot. The home is approximately 3,803 square feet with 3 bedrooms and 3.1 bathrooms, built originally in 1951 and extensively renovated with new construction. Once construction is complete, the property will be in excellent condition with an effective year built of 2025. The property benefits from premium location, hillside views, and luxury finishes. An appraisal dated July 30, 2025, concluded an “as complete” value of $9,500,000.
What We Like:
- Strong collateral with an as-complete appraised value of $9,500,000
- Conservative CLTV of 46.41%
- Construction budget fully funded and controlled through third-party funds control
- Prime Los Angeles location in Bel Air-Beverly Crest neighborhood
$500,000 2nd TD @ 11.50%, SFR, Const, 46.41% CLTV, 11 mo., OO, $50,000 Min., Los Angeles, CA
