Loan Type: Bridge – Acquisition
To avoid financial penalties, our client was required to meet deadlines for escrow and a 1031 exchange. However, their conventional lender denied a portion of their requested loan amount and left our Client with little time to spare.
• Required an expedited closing
• Subject was in a remote area
• Month to month leases raised concerns about stability of future occupancy
• Rental rates were below market average
Although the conventional lender was reluctant to provide our borrower with requested funds, Grand Pacific found enough convincing evidence and funded this acquisition within a week.
• Sponsor with clean financial records
• Non-rent controlled and month to month lease terms provided flexibility to match market rental rate
• Sponsor was managing multiple rental properties successfully