LOS ANGELES – Eagle Group Finance has provided a local real estate investor Rosamond 5 Properties, LLC with a $1.7 million short-term loan to refinance a mobile home portfolio.
The loan is cross-collateralized by Stonehenge Mobile Estates in Rosamond, CA and 830-850 Palm Canyon Drive in Borrego Springs, CA. The financing provides the borrower with the time necessary to move forward with plans to redevelop the Rosamond property, into 89 affordably priced homes geared primarily for military families working at the nearby Edwards Air Force Base. The borrower needed to close quickly to take advantage of a discount its existing lender was offering.
“We felt the borrower had a feasible plan and we liked the fact that both properties are located in growing areas with a limited housing supply,” said Good. “Additionally, the properties are cash flow positive and well operated.”
The economy of Borrego Springs in Northeast San Diego County is driven by the 650,000 people who annually visit the nearby Anza Borrego Desert State Park, the second largest state park in the United States.
Ed Choi, president of Amherst Real Estate Capital brokered the financing.
About Eagle Group Finance (www.eaglegroupfinance.com)
Based in Los Angeles, with an office in San Francisco, Eagle Group Finance provides private bridge, first lien, non-recourse financing from 1-3 years. All loans are customizable to meet the needs of the borrower and can be closed within ten (10) days of submission. Log on to www.eaglegroupfinance.com under the tab “Programs” or call 310-843-0001 for more information.