Real Estate Investor, General Contractor and Architect was looking for a business purpose cash-out 1st TD to complete plans and develop hillside property into a 78 unit apartment complex in the Baldwin Hills area of Los Angeles. Borrower’s exit strategy was to obtain a Take-Out construction loan to complete development.
Subject View Property is a 2.76 acre of vacant land with city views comprised of 3 parcels of residential zoned R3 (R-3 Limited Multiple Residence with H30 Land Use Density) with good proximity to 405 FWY. Property has had extensive grading and houses an existing 6k sf foundation that will be repurposed for the Apartments.
Recent Transaction – $1,000,000 Business Purpose, Los Angeles, CA
