Simpson House Backs $3-Million Credit Line
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In a transaction that hints at the size of his legal bills and his financial resources, O.J. Simpson in late April obtained a $3-million line of credit from Hawthorne Savings, using his Brentwood estate as collateral.
Sources close to the deal say that Simpson arranged the loan through the Richland Group, an upscale mortgage brokerage in West Los Angeles.
Bob Weiss, owner and chief executive of the Richland Group, in an interview Thursday declined to discuss particular clients or deals but said that the firm acts as a liaison between financial institutions and wealthy borrowers, charging a fee based on the size of the transaction.
The average loan the 5-year-old firm handles is about $1 million, Weiss said. Recent customers include a former U.S. ambassador and confidant of former President Reagan.
“Our customers are people who are busy, wealthy and don’t want the hassle” of extended loan negotiations, he said.
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