What’s New at Century Community Lending Company

July 2007  The Century Community Lending company closed on a $453,000 Construction Loan for the development of two single family homes in Lakewood. The homes replaced a vacant lot owned by the city, purchased for $50,000.

The development is located at 11714 Walcroft St. in the City of Lakewood and consists of two detached single-family homes.

The front unit has three bedrooms and two and one-half bathrooms, totaling 1,800 sf. of living space. The rear unit has two bedrooms and two bathrooms totaling 950 sf. Each home has an attached two-car garage.

A deed restriction on the property will require that the rear unit be leased to a tenant earning no more than 120% of AMI. This restriction will be in place for 55 years and will be enforced by The City of Lakewood Redevelopment Agency Paramount Investors Group, LLC, a single-purpose entity for this development. This is the developer's first new construction project.

To further improve this neighborhood for working families CCLC is working with the developer to provide construction financing for the completion of another single family development and a five unit development, both in the city of Lakewood. Click on the thumbnails to view images of the new Walcroft property below.

June 2007  The Century Community Lending Company helps make possible the construction of 12 new condominiums in Harbor-Gateway with a $2,780,900 construction loan.

This new building will replace five distressed vacant single-family structures. With twelve 2-story condominiums, the new property will revitalize the neighborhood and add for-sale homes for working families. Each unit will have three bedrooms and two bathrooms totaling 1,450 square feet of living space, as well as a two-car garage.

Located two blocks from an elementary school, and one block from a city park, the development is also within 2 miles from major shopping centers, grocery stores, and several smaller retail stores and eateries.

Slated for completion in May 2008, the condos will be priced to fit within the budgets of a family earning 136% of a typical five-person household’s income.

The borrowers have had extensive prior real estate development experience, with a focus on new construction and remodeling of single family homes.

 May 2007   The Century Community Lending Company helps finance the first small lot subdivision (Townhome Ordinance) approved by the City of Los Angeles.

This is a major breakthrough for developers and first-time homebuyers, as the city now permits building townhomes on small lots historically zoned for apartments, condominiums and single-family homes. For homebuyers who wish to own their own home on separate lots but cannot afford the traditional detached single-family home, or the additional expense of condo association fees, townhomes offer an attractive alternative that fits their budget. For the community, these new homes will provide additional homeownership opportunities, which increase stronger community investment and strengthen neighborhoods.

The construction loan for the proposed three-story development, four townhomes to be built in the Hollywood Redevelopment Area, totaled $1,756,000.

These townhomes will have 1,800 to 2,100 square feet of living space and will feature a carport and attached garage. Three of the townhomes have three bedrooms and two bathrooms and the fourth townhome has four bedrooms and three bathrooms. Located just one mile from the 101 freeway, the new homes are also close to the Wilshire Country Club.

The General Contractor, with 20 years of experience, specializes in new construction of single family and duplex units.