Project Description

Loan Type: Bridge – Acquisition

Challenge

Our borrower was seeking to purchase this property with corner lot curb appeal, little differed maintenance, and numerous upgrades. However, our borrower found difficulty acquiring a loan due to:

• Sponsor’s limited experience as real estate investor
• Rent controlled property with sub-market rental rates
• Lower net worth
• Necessity of quick closing because of escrow deadline

Solution

Where other lenders faltered, Grand Pacific eagerly analyzed the situation. We decided to fund this loan due to:

• Strong up-side due to future renovation plans
• Stabilized income
• Historically high occupancy rate

Contrary to other lenders, we saw a competent investor with strong financial backing. We funded the loan with a 75% LTV and our client successfully acquired this property.

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California Finance Lender License# 6032068, 6050620.