Executive Summary
RCP Capital Market Intelligence presents a $11.0M senior secured bridge against a $17.5M Rancho Santa Fe estate, behind a sponsor of $128M documented net worth. Proceeds retire an existing first lien and complete a substantially finished luxury renovation. Primary repayment is a premium sale into a rising comparable set; conventional refinance stands as secondary takeout. At 63% LTV and 8.6% of sponsor net worth, the request is conservatively collateralized and over-covered at the guarantor level.
The Asset Others Already Want
Desire is never solitary. The market is already bidding this category up.
- 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.
The Position
Five numbers underwrite the request. Each one favors the lender.
An $11M request against $17.5M of collateral, behind a sponsor worth $128M. The loan is 8.6% of net worth.
The Purview
An $8.3M renovation. ~$6.2M already deployed by the sponsor.
Front · Stone Lions & Mediterranean Façade
The Approach · Gated Rancho Santa FeGuest House
2 bed · 1 bath · full kitchen · 1-car garage. Complete.
Recreation Wing
2 bed · 2 bath · recreation room · kitchen. Renovation pending — embedded upside.
Tennis Cottage
1 bed · 1 bath · kitchen, adjoining the sport court.
Remaining Scope · The $1.5M Completion · Trade Balances Paid Down Below $2.1M
- Bath light fixtures & mirrors
- Koi pond & water feature
- Stone to archways & front façade
- Pool bath & pool casita remodel
- New side retaining wall
- Sport court resurfacing
- Finish landscaping
- ADU 02 renovation start
The Sponsor
Cash flow is not the question. The balance sheet answers it.
The Structure
Sources, uses, and requested terms. A two-to-three-year bridge.
Payoff figure per servicing statement. Completion per sponsor; line-item cost-to-complete budget pending. Closing costs and any reserves to be determined by definitive term sheet — shown as residual, not itemized. Sponsor has deployed ~$9.9M of equity into the project to date, exclusive of this facility.
The Exit
Two roads to repayment. Both already in motion.
Sale
Bring the completed estate to market at a premium into a rising comp set — the renovation's entire purpose.
Refinance
Refinance prior to note maturity should the right buyer not materialize. Conventional takeout supported by $128M net worth.
Lease
Rent the property while soliciting bids — income to service carry during the marketing window.
Risk & Mitigants
Every file carries risk. This one is mitigated at each turn.
The $8.8M first is currently on extension rather than at original maturity.
Two extensions secured; this facility retires the note at close. June extension pending within the week per counsel.
Cost-to-complete is not yet line-itemized; the appraisal cites ~$2.1M remaining against a $1.5M request.
Appraised "as-is" at $17.5M with no completion condition. GC verified — Bothof Brothers, 30+ years, 16 estates. Sponsor funds any overage.
Luxury tier shows ~14.5 months of supply; a premium sale may take time to clear.
63% LTV provides margin; refinance is a documented secondary takeout; lease income carries the asset during marketing.
Cash liquidity (~$516K) is modest relative to bridge debt service.
$128M net worth and a $95M real estate portfolio stand behind the guaranty; carry structure to be set at term sheet.
Other sponsor assets carry near-term maturities (Clovis 6/26, Calle Ponte Bella 9/26).
Aggregate leverage is low — ~$33M debt against $161M assets (≈20%) across a diversified portfolio.
Open subcontractor balances remained from the renovation as of the prior ledger.
Balances paid down below $2.1M and falling; final lien releases and waivers customary as conditions to close.
The Standing
Full Disclosure · The Existing Note
On extension, actively managed — not in default.
The Optic Anchor
A $17.5M asset. A $128M sponsor.
An 11% loan against the two.
The file is complete and ready for review. The question is whether this is the kind of asset your capital recognizes.
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