Project Description

Loan Type: Bridge – Acquisition

Challenge

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

Solution

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

© 2015-2018 Grand Pacific Financing Corp. All rights reserved.
California Finance Lender License# 6032068, 6050620.