Crestlloyd gets final approval to access $12 million DIP facility

By Sarah Lizee

Olympia, Wash., Jan. 28 – Crestlloyd, LLC secured final court approval to enter into a $12 million debtor-in-possession facility with Hankey Capital, LLC as lender, according to an order filed Thursday with the U.S. Bankruptcy Court for the Central District of California.

Interest is 8.5% per year, as previously reported. The default rate is 13.5%.

There is a 1% lender fee.

The loan will mature on Feb. 28.

Proceeds will be used to maintain the debtor’s property located in Los Angeles.

The Los Angeles-based home builder filed bankruptcy on Oct. 26 under Chapter 11 case number 21-18205.

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