Loan Type: Bridge – Refinance
After years of delay caused by city mandated construction, these properties were inches away from completion.
Our Sponsor needed to find a lender that could finance these properties for the remaining duration.
• Sponsor required additional funds to complete construction
• Both properties must be sold before profit are realized
Not wanting to delay this project any further, Grand Pacific quickly structured a loan that would satisfy the Sponsor.
• Funded required construction cost and an additional cash out to reimburse cost overrun that was caused by the delay
• Provided extension options to ensure there was sufficient time to market and sell both properties