Construction of New Los Angeles Luxury Home Benefits from QuickDraw Fund Control Services
The brand new home located at 12090 Chalon Road in Los Angeles just recently went on the market at a listing price of over $5.7 million. This home is situated in the upscale community of Brentwood, just north of the world-famous Sunset Boulevard and right below the Getty Museum. There was a house on the property previously, but it was torn down in order to build this amazing new home from the ground up. It is the second of two major residential construction loans made by Preferred Bank’s Alhambra Branch. QuickDraw Fund Control handled the cost review, fund control and inspection services for this project.
The borrower for this construction loan was TriWest Development. QuickDraw has worked exclusively with TriWest on all of their Preferred Bank Alhambra Branch loans over the past few years. On this residential project, QuickDraw was awarded the contract right from the beginning. Preferred Bank and TriWest knew they could depend on our team to make a positive difference throughout the process.
To get started, our team performed a cost review analysis of the borrower’s construction budget. Our experts reviewed all the details and provided insight. Upon loan approval, we handled the site inspections and fund control throughout the project. As milestones were completed and draw requests received, QuickDraw performed on-site inspections. As approved draw packages were processed by QuickDraw and then approved by the lender, more funds were released to the borrower. This provided a consistent flow of capital to the borrower and deployment of capital for the lender.
Upon completion, the three-story, East Coast Traditional style masterpiece at 12090 Chalon Road was listed for sale. This 6,620-square-foot layout includes five bedrooms, nine bathrooms, a beautiful gourmet kitchen, an extensive master suite, a screening room and a billiards room. The backyard has a stunning pool and spa with a built-in barbecue. And as you might expect given its location, the home has beautiful mountain views!
As with any major construction loan, adjustments were made along the way. There were many moving parts and our experts had to pay careful attention to every detail during each draw request. That’s the value of having the experience of QuickDraw Fund Control on your side. Just like with other cases, we were able to successfully assist both the bank and the borrower in achieving their goals.
It was a pleasure dealing with TriWest Developers and Preferred Brank Alhambra Branch on this exciting luxury residence. We look forward to many projects with them in the future.
To learn more about this project or about how QuickDraw Fund Control can help make your construction loans run smoothly, contact us today.