Multifamily Purchase
Foreign Buyer
Santa Monica, CA
The subject property is a 5-unit multifamily property in Santa Monica near Silicon Beach. The Borrower, a French citizen with no US income and no US Social Security Number, had the property in contract for $2,900,000.
Hamilton Ridge’s managed fund provided a fast $1,885,000 purchase loan. The loan was paid off quickly when the Borrower was able to sell other foreign real estate assets in his portfolio.
Property:
Multifamily
Size:
5 Units
Security:
1st Trust Deed
Loan:
$1,885,000
Value:
$2,900,000
LTV:
65%
Term:
3 months
