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$3.8M Land Loan
Fident Capital secured a $3.8M land loan for Highlands Ranch, a 176-acre assemblage located in Spring Valley, CA. The borrower was processing entitlements on the property for 211 single-family residences, which provide some of the best views in South County.
Financing challenges included a borrowing entity in Chapter 11 bankruptcy, a partially complete and lengthy entitlement process with San Diego County, a storied project past, and an extended court-driven closing process.
The loan covered a 12 month term with a six month option and was priced at 11% plus two points. Loan proceeds paid off existing debt, established an interest reserve, and provided working capital to further the entitlement effort. The loan is non-recourse with the exception of standard carve-outs.