Construction of a Multi-Family Apartment in Van Nuys, CA
Loan Amount: $6,950,000
Loan Type: Construction

Challenge

Our Borrower was seeking a $6,950,000 Construction Loan to finance the ground-up construction of an 18 unit apartment in Van Nuys, CA.

· Limited personal financial liquidity from the borrower

Solution

Due to:

· Strong demand for multi-family residential properties in the area
· Borrower’s experience as a Real Estate Investor/Developer

Grand Pacific was able to provide:

· $6.9MM Construction Loan
· 72% LTC, 64% LTV
· Sufficient Payment Reserve to cover the Interest, Tax, and Insurance for 24 months