LFB successfully arranged $3,800,000 in acquisition and construction financing for the purchase and remodel of a 10 unit multifamily building in Los Angeles, CA. The loan was structured to provide $2,280,000 at closing, or 80% LTP, with the balance set up as a draw to cover remodel costs on the existing 10 units and the construction of 2 new ground-up townhomes at 80% LTC. The existing 10 units were vacant, with each standing alone as separate bungalows.