Borrower has lived in home for 30+ years
This is a rare opportunity secured by an irreplaceable legacy property on the California coastline. Originally purchased from rock icon Sammy Hagar, the estate has been thoughtfully transformed over nearly three decades into a premier oceanfront residence with tremendous built-in value.
The sponsor has continually reinvested into the property with a long-term, pride-of-ownership approach, including a major million-dollar renovation and multiple enhancements that take full advantage of the expansive, unobstructed ocean views. This care and capital investment have resulted in a home that stands out among even the most exclusive coastal offerings.
With a recent appraisal indicating a valuation of approximately $19 million, the asset carries significant equity and downside protection for the lender. The requested capital will allow the sponsor to strategically refinance and optimize the property’s capital structure during the current temporary market environment. Once interest rates normalize and liquidity improves, the sponsor will execute a conventional refinance, comfortably retiring the private money loan within 12 to 24 months.
This deal combines a best-in-class asset, a seasoned long-term owner, and a clear, conservative exit strategy, making it a highly attractive secured investment opportunity.
Borrower is looking for a 12-24 month bridge loan with interest reserves. Numbers are someting like this in an ideal world. 60% LTV
LOAN AMOUNT $11,500,000.00
First $4,600,000.00
2nd HELOC $950,000.00
3rd $3,914,627.21
TOTAL $9,464,627.21
IR and closing costs $2,035,372.79
Hardship Explanation and Repayment Plan
To Whom It May Concern:
I am submitting this letter to explain the temporary credit deterioration that occurred during 2023–2024 and to confirm my repayment plan. My credit history prior to this period reflected decades of consistent, on-time performance, with a credit score historically just under 800.
I founded and successfully operated a computer-industry publishing company beginning in 1980 and continuing through the early 2000s, exiting that business with an exemplary financial and credit record. In 2019, I launched a film and television production company funded with personal capital and loans secured by my Beverly Hills mixed-use commercial property and my Malibu property. The company grew meaningfully and produced a scripted political television series, including both a pilot and a second episode. NBCUniversal expressed interest in December 2022, and a similar opportunity arose with Paramount in August 2023; however, both initiatives were suspended due to industry-wide Hollywood strikes and subsequent studio layoffs.
In July 2021, I was hospitalized for one month with COVID-19, yet I continued to operate the company and retained two full-time producers and support staff through January 31, 2024. At that time, I sold the Beverly Hills property and wound down operations. Shortly thereafter, Malibu wildfires caused prolonged closures of the Pacific Coast Highway for approximately six months, eliminating rental income and preventing buyer traffic to the Malibu property. Despite roughly 300 days on market and cumulative price reductions totaling $2.25 million, no written offers were received.
This unprecedented convergence of medical hardship, industry shutdowns, and natural-disaster impacts exhausted available liquidity and resulted in temporary late payments on mortgages, a HELOC, and one credit card. These delinquencies were not the result of mismanagement or excessive leverage, but extraordinary external conditions affecting both income and asset-liquidity timing.
The Malibu property is currently protected under California foreclosure-forbearance provisions, with enforcement stayed through September 22, 2026. My repayment plan is direct and realistic: the property will be relisted shortly, additional price adjustments will be made if necessary, and all loan obligations will be satisfied from sale proceeds well in advance of the enforcement date.
I remain fully committed to honoring all obligations, and my long-term financial history reflects responsibility, stability, and repayment integrity. Thank you for your consideration of this explanation.
Sincerely,
Yuri Spiro
31740 Broad Beach Road, Malibu Ca 90265
