Project Description

 

Purchase and Renovation for Industrial Building in Studio City

Loan Amount: $2,575,000

Loan Type: Bridge

Challenge

The borrower was coming back to Grand Pacific for the third time in order to fund their latest acquisition.

• 100% pro forma underwriting, Vacant property no cash flow in place
• Higher leverage at nearly 80% LTC
• We provide adequate proceeds for client on renovation budget for value creation
• Lower than expected appraisal value

Regardless of the estimated value, GP provided the original loan request without adjustments.

Solution

We provided over 80% of the acquisition and funded the renovation, payment reserve, and all other transactional costs.

• Returning borrowers who have completed several creative office projects
• Light on liquidity but adequate net worth
• Our flexibility to overlook minor credit issues

We were able to successfully close this loan at the borrower’s full request and by their deadline of escrow.

 

Contact Us

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(323) 780-0855

 

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Bridge Loans

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