|DATE OF FUNDING||2/27/14|
|GROSS LOAN AMOUNT||$198,400|
|LOAN TO VALUE||62.0%|
$198,400 FOR THE ACQUISITION & RENOVATION
OF A SINGLE FAMILY RESIDENCE IN CONCORD, CA
A single family, 1,328sf residence in Concord, CA, with attached 2 car garage. The buyer is an experienced investor with multiple completed projects. The buyer is making significant upgrades and renovations to the home using out-of-pocket funds. Improvements include bathroom and kitchen renovations, window and door upgrades as well as other work. ABLP holds the $198,400 senior position loan at a 62.0% LTV with prepaid non-refundable interest for much of the term of the loan. ABLP arranged for an affiliated equity investor to lend an additional $49,600 in a subordinated position.