$4.94MM Pre-development Loan in Bel Air for Entitlements and Permits
- Property is a 5,867 SF single family residence sitting on a 3.53 acre lot with a private pool and tennis court in Bel Air
- 65% LTV of the current as-is value of the property before any entitlements or permits were approved
- 12 month loan term secured by 1st DOT and a personal guaranty
- Personal guarantor and president of the borrower sits on the real estate commission for the city of Los Angeles
- Cash flows from tenant with a lease through December 2019