Insignia Mortgage recently closed on a $11 million spec construction loan in Bel Air, CA with 50% lender loan-to-cost financing. We located a local bank willing to provide construction financing, despite our client’s limited US income. This non-recourse loan was cross-collateralized against the subject property, as well as two other income-producing homes.
- $11 million dollar construction loan
- 2-year term
- 7.000% APR
- Interest Only – interest paid only when money drawn
- No prepayment penalty
- 21-day close of escrow