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Del Ray Lines Up Construction Loan on LA Project in Mid-Process
Del Ray Realty secured a $3,000,000 construction loan for a two-unit single-family development project at 1943-1945 Pinehurst Rd. in Los Angeles, with each unit comprising approximately 5,000 square feet. The lender was US Bank.
Founder Ray Rowshankhah of Del Ray said the uniqueness of the deal terms lies in the fact that the developer, Apex Standard LLC, had already initiated construction, facing challenges in securing financing due to the project’s mid-process status. Despite this, Del Ray Realty utilized its network of lenders to secure a competitive loan at a rate of 6.35% for the ongoing construction project.
“This success underscores the continued willingness of certain lenders to finance projects deemed worthy, emphasizing the importance of presenting a compelling case for the viability and potential of the development,” said Rowshankhah. “In such a climate, lenders are still actively seeking out opportunities to fund projects that demonstrate strong potential for success, even amidst challenging market conditions.”
- ◦Financing
