Rodeo Lending closes a $5,105,500 Business Purpose Single Family Refinance in Montecito, California.

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June 16, 2020

This iconic private enclave is a 7,673 sq ft 7 beds/4.5 bath estate on .84 acres located on one of the best streets in Montecito. It is within walking distance from the great restaurants and shops Rodeo’s loan proceeds were used to pay off the existing purchase loan, fund the rehab of the property to modernize and bring back the beauty that this property deserves. A 12-month Interest Reserve was provided. Borrower will sell the property as his exit from our loan.

HIGHLIGHTS:

  • 60% Loan to Completed Value
  • Fund Controlled Rehab Budget
  • Built-in Interest Reserves
  • Experienced Repeat Borrower

 

 

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