ARRIBA CAPITAL CLOSES A $925,000 LAND LOAN IN OCEANSIDE, CA

Arriba Capital (Arriba) successfully closed a $925,000 cash-out refinance, on a 10,000 square-foot lot, located in Oceanside, CA. The new debt paid off the existing maturing loan and funded the necessary permitting fees required by the city. This bridge loan allowed the sponsorship to complete the necessary approvals for a 16,000 square foot mixed-use development, which will be completed in the next 18-months. The 1-year land loan was sized up to 55% LTV, priced at 12.5%, and closed 5 business days.