$5,687,500 Mid-Construction Spec Home in Montecito, CA

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February 1, 2021

Rodeo Lending closed phase 2 of a major renovation project in Montecito, CA. We originally funded the purchase of this property for our repeat client who needed a very quick closing. Once they were ready to start the renovations, the borrower started the beginning of the project and came to Rodeo Lending to fund the remaining rehab. This 5,839 sf home features a pool, guesthouse, and studio apartment over the garage. After completion, this property will be magnificent.

Deal Highlights:

  • 65% of the as-completed value
  • 12-month interest reserve
  • Repeat client

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