Freedom Financial Funds Announces $4.62 Million Loan To Rancho Empire Development, LLC
Freedom Financial Funds, LLC recently provided a $4,620,000 loan for 84 percent of the total cost of a new acquisition and development in Lake Elsinore, California by Rancho Empire Development, LLC.
CALABASAS, Calif., March 17, 2021 /PRNewswire-PRWeb/ -- Freedom Financial Funds, LLC recently provided a $4,620,000 loan for 84 percent of the total cost of a new acquisition and development in Lake Elsinore, California by Rancho Empire Development, LLC.
The purchased land is in the process of being subdivided into six lots. Freedom Financial Funds will release three of the lots, which will serve as the collateral for the seller note. The three lots retained by Freedom Financial Funds for its collateral will be improved to accommodate the requirements of the two ground tenants: 7-Eleven and Super Star Car Wash.
Rancho Empire Development purchased the land with a combination of equity, a seller note and the loan from Freedom Financial Funds. Freedom Financial Funds closed the loan in three weeks from issuance of the LOI, and provided the substantial level of leverage the client needed, without the final map being recorded, subject to the seller note and two leases to tenants.
This transaction was the third completed by Freedom Financial Funds for the client in just over a year.
"Our multiple borrowing experiences with Freedom Financial Funds have been exceptionally professional, including tremendous responsiveness and attention to our needs from the entire Freedom team," said Mark Cooper of Rancho Empire Development. "The underwriting and budgeting process at Freedom is thorough, with a clear understanding and appreciation of our business model. Loan documentation is comprehensive and presented in a logical and clear format and structure. Most importantly, Freedom continues to demonstrate their commitment to professional service as our projects progress. When we submit loan advance documentation, draw requests are reviewed, inspected and handled expeditiously, with Freedom's clear understanding of our need to promptly pay our vendors and contractors and keep the projects moving forward."
Freedom Financial Funds Principal Minda Johnstone said, "We are a people-first lender. Over eighty percent of our annual volume is with repeat relationships, and it speaks to the strengths of our team and process. Our borrowers and clients value our sophistication in underwriting and certainty of execution. We love it when our clients come back as frequently as they do; that's the way it should work."
About Freedom Financial Funds, LLC
Freedom Financial Funds manages a private REIT and separate accounts through which it responds to the financing needs of real estate professionals seeking capital for construction, rehabilitation, repositioning, conversion or additions to commercial and residential properties in the Western United States in projects totaling $2M to $12.5M. Freedom also offers build-to-suit financing nationally. In only five years, Freedom has executed nearly $500M in transactions and has remained steadfast throughout the CV-19 crisis. Freedom serves markets throughout the Western U.S. from its locations in California, Arizona and Oregon.
Discover more at: https://www.freedomfinancialfunds.com.
Media Contact
Charlotte Allen, Big Chief Creative Media, +1 (714) 794-2226, [email protected]
SOURCE Freedom Financial Funds
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