Construction Loan for Los Angeles Car Wash
Financial Compound obtained a $1.6 million construction loan for an express car wash in Los Angeles. After the borrower’s application with a conventional lender fell through, Commercial Mortgage Broker Financial Compound was able to quickly secure a private money lender. The quick closing allowed the borrower to maintain its construction schedule as the private money lender was ready to fund 10 days after receiving the signed application. Loan terms included 60% loan-to-cost, a 2 year fixed rate term at 9.5%, and a 2.5% lender fee.