Rapper Kanye West has reportedly taken out a substantial loan of $15.5 million to purchase his $35 million Beverly Hills mansion, a source revealed.
A Daily Mail report details that Ye and his wife Bianca Censori borrowed the total amount from various sources.
Twelve point five million dollars of this sum was secured from Lone Oak Fund and its affiliated Lone Oak Industries. Additionally, nearly $2.7 million came from Richard and Lucy Glassman’s company, with the support of a private lender who specializes in “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 further added, “But we would prefer they just pay, we don’t want to hurt anybody, we’re just investors. We want to get a return on our money.”
The luxurious, 20,000-square-foot estate boasts 11 bedrooms, 18 bathrooms, a guest house, a swimming pool, a tennis court, and even its own waterfall.
According to the report, Kanye West has no plans to reside in the mansion but intends to rent it out.
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