Opus Bank is pleased to announce it provided:
- Title: Construction Loan
- Amount: $15,840,000
- Month: September
- Year: 2016
Opus Bank (“Opus”) provided a $15.84 million loan to finance the construction of a 72-unit multifamily project in the Koreatown neighborhood of Los Angeles, CA.
The client had previously done business with Opus and is a sophisticated investor and developer in the Los Angeles real estate market. The client had owned the property for a few years, and the project was permit-ready at the time of the initial loan application. The borrower wanted construction to start immediately and needed a lender that would be able to provide surety of closing, while allowing some of the work to begin prior to the loan closing.
Opus quickly put together a loan proposal that met the borrower’s needs. The deal team worked with the title insurance company to obtain the necessary endorsements to close the construction loan in light of the construction work having already begun.