New 1st DOT for Custom Build in Malibu - Entitlement in place

$1,000,000

Location

Malibu, CA 90265

Target rate

9.00%

Term

2 yr

Property type

Single family

Property & underwriting

Occupancy: Non-owner occupied (investment)
Lien position: 1st lien
As-is value: $2,250,000
LTV (as-is): 44.4%
After-repair value: $3,500,000
Loan-to-ARV: 28.6%
Rehab budget: $900,000
Existing liens: $380,000
Exit strategy: Refinance to DSCR loan
Borrower experience: 1-3 deals completed
Credit score range: 750+
Borrowing entity: LLC
Funding timeline: Flexible
Additional collateral: N/A

Use of funds

Construction of main house

Deal summary

The guest house and main house garage are complete. I now need ~$900k to complete construction of the main house. I plan payoff there construction loan using a DSCR loan. Please let me know if you can make the deal!