$2,535,000 Business Purpose Single Family Residence Ground Up Construction in Newport Beach California
Newport Beach, CA
The subject property is a 2 unit home that is currently rented through AirBNB on a consistent basis. The property is fully permitted to build a new beautifully appointed 3 story 3,157 sq ft 4 Beds/ 4.5 Bath home with a 400 sq ft bbq/bar area deck with ocean views and a peek a boo views of the city skyline. The new home will add significant value to the property. Construction will start shortly. The loan from Rodeo Capital allowed the borrower to pay off the purchase loan on the property and provide the funds to start and complete the build. Borrower will sell the property as an exit to our loan.
65% After Completed Value
Built-in Interest Reserves
Fund Controlled Construction