News & Deals

HOLLYWOOD, CA - In 2008, Helvetica provided a $3.5 million loan to refinance the iconic home in Los Angeles known as Castillo Del Lago: a house with a sorted history, celebrity ownership, mafia affiliation, ghost hauntings and murder intrigue.  The home built in 1926, was once owned by Bugsy Siegel, purchased for $20,000 in 1930  and used for illegal gambling prior to Bugsy moving to Las Vegas to build the famous Flamingo hotel.  

The home years later, in 1993, was purchased by Modanna for $5M where allegedly she spent $3M to renovate the property.  

Modanna sold the home in 1996 to Joe Pytka, a prolfic TV commercial producer, also know for the well known "this is your brain on drugs" campaign.  

Banks Don't Loan to Haunted Houses - We're Not Scared

Helvetica was able to provide quick financing to allow for substantial cash out to the borrower for other projects.  The need for a quick close, alleged hauntings, difficult valuation, lack of income documentation and the beginning of the financial crisis, made bank financing ellusive.  Helvetica's common sense approach to underwriting, enabled the borrower to solve an immediate need and get quick access to the equity in the property. 

Highlights:

• Bank turn down
• Free and clear property
• 100% cash out
• Self employed
• Limited income documentation
• Super jumbo residential bridge loan
• Cross collateralized
• Difficult value determination

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