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$7.5 Million "Cash Out" on Entitled Land | Los Angeles, CA

To Acquire Additional Investment Property 

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Lending Challenge:

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• Client offered vacant entitled land (approved for Hampton Inn & Suites) as security for "cash out" to purchase an additional property.

 

• Client required $7,500,000 additional cash to complete the acquisition but did not have the cash available.

 

• Client needed the $7,500,000 cash in 20 days to close the acquisition in 21 days.

 

• The vacant entitled land was valued at $22,000,000.

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Testa Capital Group Solution:

 

• Visited the vacant entitled land and met the client the next day.

 

• Issued a loan term sheet that day.

 

• Completed and signed loan docs in 18 days.

 

• Funded $7,500,000 on day 20 and completed closing the escrow on time.

 

• Due to successful performance, client had Testa Capital Group finance additional properties in his portfolio.