TS# 87924 1426 Summitridge Dr, LA, CA 90210

Los Angeles County, California
Foreclosures
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TS# 87924 1426 Summitridge Dr, LA, CA 90210

Steve Adler
Hermosa Beach, CA · Member since 2015 · 1 post · 0 votes

This property will be going for sale (NOS) at public auction for $24,500,000    June 24th.  Confirmed by the lender.  The property sold 3 years ago for about $47million.    Working with the lender is there another way to sell other than the public auction on the 24th without taking the property back?   How best to notify potential buyers of this great deal? 

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3mo

Unless you have the cash to close or buy the note and not foreclose not really any other options. 

also just because it sold for X at one point in time does not mean it is still worth that number. 

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3mo

    Unless you have the cash to close or buy the note and not foreclose not really any other options. 

    also just because it sold for X at one point in time does not mean it is still worth that number. 

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  • Vijay FriedmanBusiness Member
    Miami, FL · Member since 2026 · 766 posts · 122 votes
    3mo
    Quote from @Steve Adler:

    This property will be going for sale (NOS) at public auction for $24,500,000    June 24th.  Confirmed by the lender.  The property sold 3 years ago for about $47million.    Working with the lender is there another way to sell other than the public auction on the 24th without taking the property back?   How best to notify potential buyers of this great deal? 

    @Steve Adler
    That's a significant asset and a very short timeline before auction. If the lender is open to alternatives, I'd make sure the opportunity is getting in front of developers, family offices, and luxury investors who can move quickly on distressed acquisitions. Timing and visibility will probably be the biggest factors at this stage.

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  • Pouyan BroukhimBusiness Member
    Los Angeles, CA · Member since 2016 · 64 posts · 19 votes
    2mo
    Is the borrower willing to sign a deed in lieu of foreclosure and vacate the property?

    I have had prior experience with Evergreen and have found them to be challenging to work with; I would advise proceeding with caution in your dealings with them.

    Furthermore, based on the current situation, it is highly probable that the borrower will file for bankruptcy to postpone the foreclosure proceedings indefinitely. While the property itself is impressive, the lender will likely need to absorb a significant loss on the $24 million debt. They would be fortunate to recover $15–16 million following a foreclosure sale.
    PB FInancial group corp
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  • Chris SeveneyBusiness Member
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    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2mo
    So what did it sell for ?
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