Del Ray Realty recently closed a $3 million construction loan for a two-unit single-family development project in Los Angeles. The property, located at 1943-1945 Pinehurst Rd., will feature two units with approximately 5,000 square feet each. US Bank provided the financing for this project.
According to Del Ray founder Ray Rowshankhah, one of the unique aspects of this deal is that construction had already begun before securing financing. This posed challenges in finding a lender willing to provide funding mid-process. However, Del Ray Realty was able to leverage its network and secure a competitive loan at an interest rate of 6.35%.
“This success highlights the continued willingness of certain lenders to finance projects that show promise,” said Rowshankhah in an expert statement on behalf of Del Ray Realty’s achievement. “It also emphasizes the importance of presenting a strong case for the viability and potential success of any development.” Despite challenging market conditions, lenders are actively seeking out opportunities like this one that demonstrate strong potential for success.
