Kanye West reportedly takes loan to buy $35 Million Mansion
Rap artiste, Kanye West reportedly borrowed some money in order to purchase the $35 million Beverly Hills mansion he closed on last month, it has even revealed
According to a report from the Daily Mail, Ye and wife Bianca Censori borrowed a total of $15.5 million.
Twelve and a half million dollars of the total came from Lone Oak Fund and its investment arm Lone Oak Industries, and nearly $2.7 million came from a company owned by fitness entrepreneurs Richard and Lucy Glassman, via a private money lender whose motto is “when the banks say no, private money is the only way to go.”
The Glassman family spoke to the outlet about their decision to fund Ye, saying, “When you have a total of 40 percent loan to value, it’s a good investment. This is the great creativity of the broker, it’s not the creativity of Kanye West, they do all the due diligence, I’m just the little guy. To be totally honest, sometimes when investors look at celebrities, they don’t want to do it. Well, it definitely is, because if they don’t pay, we get a $35 million property.”
He added: “But we would prefer they just pay, we don’t want to hurt nobody, we’re just investors. We want to get a return on our money.”
The lavish, 20,000-square foot compound comes with 11 bedrooms, 18 bathrooms, a guest house, a swimming pool, a tennis court and even its own waterfall.
According to the report, Kanye West does not plan to live there, but instead rent it out.