Spec House Bridge Loan
Los Altos Hills, CA
The subject property is a new-construction luxury home in Los Altos Hills, CA. The 6,000+ square foot home sits on a 1.6 acre lot with expansive views of the valley.
The developer had finished the project and needed another extension from the bank. The bank was unable to extend and approached Hamilton Ridge to refinance the maturing construction loan and provide additional cash-out to invest in privacy landscaping. The home sold for over $8M.
Property:
Luxury Home
Security:
1st Trust Deed
Loan:
$4,525,000
Value:
$8,200,000
LTV:
55%
Term:
12 months
