--- title: HELVETICA CLOSES $3.5 MILLION LOAN TO REFINANCE MADONNA AND BUGSY SIEGEL ICONIC HAUNTED CASTLE description: jumbo residential loan, bank turn down, income documentation, self employed, madonna house, bugsy siegel casino. image: https://blog.helveticagroup.com/hubfs/Deal%20Photos/2f304-castillodellago_chp%20(1).jpg --- [![Helvetica Group](https://blog.helveticagroup.com/hubfs/TheHelveticaGroup-Apr2016/Images/logo.jpg "Helvetica Group")](http://www.helveticagroup.com/) - [Home](http://www.helveticagroup.com/) - [About Us](http://www.helveticagroup.com/about-us) - [Careers](http://www.helveticagroup.com/careers) - [News](http://www.helveticagroup.com/news) - [Contact Us](http://www.helveticagroup.com/contact-us) - Enter Symbol:  - Symbol Lookup - [Services](http://www.helveticagroup.com/services) - [Lending](http://www.helveticagroup.com/services/services-lending) - [Investment Management](http://www.helveticagroup.com/services/investment-management) - [Investment Banking](http://www.helveticagroup.com/services/investment-banking) - [Family Office Services](http://www.helveticagroup.com/services/familyoffice-services) - [Property Management](http://www.helveticagroup.com/services/property-management) - [Real Estate Brokerage](http://www.helveticagroup.com/services/real-estate-brokerage) - [Transactions](http://www.helveticagroup.com/transactions) - [Investments](http://www.helveticagroup.com/investments) - [Investment Philosophy](http://www.helveticagroup.com/investments/investment-philosophy) - [Alternative Assets](http://www.helveticagroup.com/investments/altassets) - [Trust Deed Investing](http://www.helveticagroup.com/investments/trust-deed-investing) - [Helvetica Funds](http://www.helveticagroup.com/investments/helvetica-funds) - [Investment Sales](http://www.helveticagroup.com/investments/investment-sales) - [Lending](http://www.helveticagroup.com/lending) - [Products & Guidelines](http://www.helveticagroup.com/lending/products-a-guidelines) - [Submit a Loan](http://www.helveticagroup.com/lending/submit-a-loan) - [Alternative Financing](http://www.helveticagroup.com/lending/alternative-financing) - [Brokers & Bankers](http://www.helveticagroup.com/lending/broker-programs) - [Links](http://www.helveticagroup.com/lending/links) - [Research](http://www.helveticagroup.com/research) - [Trading](http://www.helveticagroup.com/trading) - [Partners](http://www.helveticagroup.com/partners) - [Partner Portal](http://www.helveticagroup.com/partners/partner-portal) - [Realtors & Brokers](http://www.helveticagroup.com/partners/realtors-a-brokers) - [Lenders & Bankers](http://www.helveticagroup.com/partners/lenders-a-bankers) - [Advisors](http://www.helveticagroup.com/partners/advisors) - [Affiliates](http://www.helveticagroup.com/partners/affiliates) - [Bank REO](http://www.helveticagroup.com/bank-reo) # News & Deals ## HELVETICA CLOSES $3.5 MILLION LOAN TO REFINANCE MADONNA AND BUGSY SIEGEL ICONIC HAUNTED CASTLE Posted by [Chad Mestler](https://blog.helveticagroup.com/author/chad-mestler) on Oct 30, 2016 3:47:14 PM ![](https://blog.helveticagroup.com/hubfs/Chad_Headshot-602093-edited.jpg) Find me on: [Facebook](https://www.facebook.com/Helvetica-Group-115516865679/) [LinkedIn](https://www.linkedin.com/in/chadmestler) [Twitter](https://twitter.com/HelveticaGroup) - [Tweet](https://twitter.com/share) --- ![2f304-castillodellago_chp (1).jpg](https://blog.helveticagroup.com/hs-fs/hubfs/Deal%20Photos/2f304-castillodellago_chp%20(1).jpg?width=633&height=449&name=2f304-castillodellago_chp%20(1).jpg) 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](https://underthehollywoodsign.wordpress.com/2010/01/01/castillo-del-lago-bugsy-siegels-former-house-and-madonnas-too/), 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.   ![BugsySiegel.jpg](https://blog.helveticagroup.com/hs-fs/hubfs/Deal%20Photos/BugsySiegel.jpg?width=320&name=BugsySiegel.jpg) The home years later, in 1993, was purchased by Modanna for $5M where allegedly she spent $3M to renovate the property.   ![Madonna.jpg](https://blog.helveticagroup.com/hs-fs/hubfs/Deal%20Photos/Madonna.jpg?width=275&height=183&name=Madonna.jpg) 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 --- **HAVE A DEAL LIKE THIS? **   [![Get a Quote](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/2105515/c5250b23-567f-4233-a682-9208e045f4b7.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/2105515/c5250b23-567f-4233-a682-9208e045f4b7)   Topics: [Deals](https://blog.helveticagroup.com/topic/deals), [Loans](https://blog.helveticagroup.com/topic/loans) ### Get Deal Updates ### Recent Posts ### Posts by Topic - [Loans (40)](https://blog.helveticagroup.com/topic/loans) - [Deals (39)](https://blog.helveticagroup.com/topic/deals) - [Brokers (27)](https://blog.helveticagroup.com/topic/brokers) - [Insights (13)](https://blog.helveticagroup.com/topic/insights) - [1031X (10)](https://blog.helveticagroup.com/topic/1031x) - [Small Balance (9)](https://blog.helveticagroup.com/topic/small-balance) - [Bridge lending (7)](https://blog.helveticagroup.com/topic/bridge-lending) - [Investing (6)](https://blog.helveticagroup.com/topic/investing) - [Alternative Financing (5)](https://blog.helveticagroup.com/topic/alternative-financing) - [NNN (5)](https://blog.helveticagroup.com/topic/nnn) - [Bridge Loan (4)](https://blog.helveticagroup.com/topic/bridge-loan) - [Banking (3)](https://blog.helveticagroup.com/topic/banking) - [CRE (3)](https://blog.helveticagroup.com/topic/cre) - [Fintech (3)](https://blog.helveticagroup.com/topic/fintech) - [Participation Loans (3)](https://blog.helveticagroup.com/topic/participation-loans) - [Blockchain (2)](https://blog.helveticagroup.com/topic/blockchain) - [retail (2)](https://blog.helveticagroup.com/topic/retail) - [Bad Credit (1)](https://blog.helveticagroup.com/topic/bad-credit) - [Cannabis Lending (1)](https://blog.helveticagroup.com/topic/cannabis-lending) - [Credit Challenge (1)](https://blog.helveticagroup.com/topic/credit-challenge) - [Fix and Flip (1)](https://blog.helveticagroup.com/topic/fix-and-flip) - [Fund Management (1)](https://blog.helveticagroup.com/topic/fund-management) - [Low Occupancy Property (1)](https://blog.helveticagroup.com/topic/low-occupancy-property) - [Quick Close (1)](https://blog.helveticagroup.com/topic/quick-close) - [Rehab (1)](https://blog.helveticagroup.com/topic/rehab) - [fast closing (1)](https://blog.helveticagroup.com/topic/fast-closing) see all - [![](https://blog.helveticagroup.com/hubfs/TheHelveticaGroup-Apr2016/Images/facebookicon.png)](http://www.facebook.com/pages/Helvetica-Group/115516865679)[**HelveticaGroup on Facebook**](http://www.facebook.com/pages/Helvetica-Group/115516865679) - [![](https://blog.helveticagroup.com/hubfs/TheHelveticaGroup-Apr2016/Images/twittericon.png)](https://twitter.com/#!/HelveticaGroup) [**HelveticaGroup on Twitter**](https://twitter.com/#!/HelveticaGroup) - [![](https://blog.helveticagroup.com/hubfs/TheHelveticaGroup-Apr2016/Images/likedinicon.png)](http://www.linkedin.com/company/the-helvetica-group)[**HelveticaGroup on LinkedIn**](http://www.linkedin.com/company/the-helvetica-group) - [My Account](http://www.helveticagroup.com/#) | - [Sitemap](http://www.helveticagroup.com/sitemap) | - [Privacy Statement](http://www.helveticagroup.com/privacy-statement) | - [Security Statement](http://www.helveticagroup.com/security-statement) | - [Terms of Service](http://www.helveticagroup.com/terms-of-service) - | Site Feedback | - [Licensing](http://www.helveticagroup.com/licensing) **Call 310-575-3301** © 2015 The Helvetica Group. All Rights Reserved.