Buchanan Mortgage Holdings, LLC provided a 30-month, $28,255,000 (63% LTV as-stabilized; 100% LTC) non-recourse loan to complete construction and lease-up a Class A, 110,000 NRSF self-storage facility situated on 2.03 acres in Huntington Park, CA. This was a modification of an existing construction loan that BMH closed in September 2020. At the time of this modification, construction was approximately 85% complete and leasing was slated to commence within a few months. The new loan terms provided additional time for the sponsor to complete construction and stabilize the property, in addition to structuring a $6.0 million earnout and 105 bps spread reduction upon completion of construction. BMH has closed four previous loans with the sponsor, a Newport Beach-based private real estate developer specializing in self-storage and industrial developments throughout California.