63% LTV
$11.0M against a current JPMorgan-ordered as-is appraisal of $17.5M, effective October 2025.
I
The Asset Others Already Want
Desire is never solitary. The market is already bidding this category up.
Rear Elevation · Loggia, Pool Terrace & Statuary
- The AuctionWon in a competitive luxury auction, Sept 2024, at $10.7M — a contested trade, not a quiet listing.
- The ComparablesEstates within 1.6 miles trading $11.8M–$18.2M. The market for this address is active and rising.
- The ExitRenovated specifically to bring the estate to market at a premium — a believed $25–30M sale into a rising comp set.
- The AppraiserIndependent as-is opinion of $17.5M — third-party validation of what the others are chasing.
An auction win. A rising comp set. A finished estate brought to a market bidding the category up. The right capital does not evaluate this asset — it recognizes the exit.
II
The Position
Five numbers define the transaction. Four are strengths.
As-Is Appraised Value$17.5M
Total Loan Request$11.0M
Loan-to-Value63%
Open Trade Balances$4.2M
Note Maturity5 / 1 / 2026 PASSED
Four are strengths. One is the conversation.
III
The Purview
An $8.3M renovation. ~$6.2M already deployed.
Front · Stone Lions & Mediterranean Façade
The Approach · Gated Rancho Santa FeADU 01
Guest House
2 bed · 1 bath · full kitchen · 1-car garage. Complete.
ADU 02
Recreation Wing
2 bed · 2 bath · recreation room · kitchen. Renovation not yet begun — the upside.
ADU 03
Tennis Cottage
1 bed · 1 bath · kitchen, adjoining the sport court.
Remaining Scope · The $1.5M Completion
- Bath light fixtures & mirrors
- Koi pond & fountain — trench open
- Stone to archways & front façade
- Pool bath & pool casita remodel
- New side retaining wall
- Sport court resurfacing
- Finish landscaping
- ADU 02 renovation start
IV
The Strength
The collateral is real. The balance sheet is real. The contractor is verified.
~$50M Equity
Eleven-property portfolio — roughly $86M in value against $36M of debt across the sponsor's holdings.
Verified GC
Bothof Brothers — 30+ years, sixteen comparable Rancho Santa Fe and coastal estate projects on record.
~$9.9M In
Sponsor capital already deployed into the renovation against ~$13.7M invoiced. Real skin in the game.
The One Crack
A matured note and a $2.7M spread.
The Platinum note at 16% matured five weeks ago. The request contemplates $1.5M to finish — the ledger shows $4.2M in open trade balances. That spread is the item a family office prices first. Presented by us, it is leverage. Discovered by them, it is a decline. Disclosure closes deals.
V
The Conditions
In Hand
What the file already holds
- Current as-is appraisal
- Construction invoice ledger
- Sponsor debt schedule
- Two years of returns
- Verified GC track record
- Servicing history
→
Outstanding
What capital still needs
- Matured-note status
- Sources & uses
- Principal liquidity
- Plan for repayment
Conditions Precedent to Submission
Four items complete the file.
Delivered together, the brief goes to the family office the same week.
Note Status
Current standing of the matured Platinum loan — forbearance, extension, or demand, in writing.
Sources & Uses
The $1.5M completion request reconciled against the $4.2M open ledger — owed, disputed, or deferred.
Principal Liquidity
Current personal financial statement — liquidity and net worth, excluding the subject property.
Plan for Repayment
The defined exit — sale or refinance, with an approximate timeline.
Φ
The Optic Anchor
We do not chase the capital.
We prepare the asset so capital can recognize it.
An auction win. A rising comp set. A finished estate headed to a premium exit. Four items stand between this file and the family office.
Complete file · Same-week submission
ΦΦΦ