$12,700,000 Renovation Loan for Grand Estate in Montecito, CA Successfully Closes



Property Type

Residential



Loan Type

Construction/Completion | Construction Loan



February 16, 2024

Rodeo Lending is proud to announce the successful closing of a $12,700,000 Renovation Loan for a grand estate in Montecito, CA’s prestigious enclave. This remarkable project underscores our commitment to providing tailored financing solutions to meet the diverse needs of our clients, even amidst the complexities of ongoing construction.

Property Overview

Nestled in one of Montecito’s most sought-after locations, the grand estate spans an impressive 11,693 square feet, boasting seven bedrooms and 7.5 bathrooms. The property offers unparalleled privacy and serenity amid sprawling acreage enveloped by lush landscapes. With luxurious amenities, including a pool, sauna, tennis court, 1730-square-foot guest house, and a 2030-square-foot basement featuring a theater and wine cellar, this estate epitomizes refined living at its finest.

Rodeo Lending’s Contribution

Our esteemed repeat client sought our expertise to secure a bridge loan to complete the renovation of this prestigious property. Despite being in the midst of construction, Rodeo Lending successfully closed the loan, demonstrating our agility and dedication to meeting our clients’ needs. Our in-house fund control department oversees the project’s completion, ensuring seamless execution and adherence to timelines.

Closing Highlights

Closed Mid-Construction: Rodeo Lending’s ability to close the loan mid-construction exemplifies our commitment to providing timely and efficient financing solutions, enabling our clients to navigate complex projects quickly.
40% Loan to Completed Value: With a prudent loan-to-value ratio, our financing arrangement reflects sound risk management practices, safeguarding the interests of all parties involved while maximizing the property’s potential.
Built-in Interest Reserves: Our comprehensive financing package includes built-in interest reserves, providing additional flexibility and financial stability throughout the renovation process, thereby ensuring seamless progress and timely completion.

Future Outlook

As the renovation progresses, we remain committed to providing unparalleled support and guidance to our clients, leveraging our expertise to facilitate a successful outcome. We are confident that the completed grand estate will stand as a testament to excellence and sophistication, embodying the epitome of luxury living in Montecito.

Rodeo Lending’s successful closing of the $12,700,000 Renovation Loan underscores our unwavering commitment to excellence and innovation in the realm of real estate financing. We are honored to partner with our clients in bringing their vision to life and look forward to continued success in the dynamic landscape of luxury real estate development.