Project Description

 

Multi-Tenant Office in Port Hueneme

Loan Amount: $2,880,000

Loan Type: Bridge – Acquisition

Challenge

Located in a coastal area with 18,000 sq. ft. of rentable space, this property had high potential as an investment property.

• Tenant operated a herbal health service business which restricted financing options from conventional lenders
• The property currently had 15% vacancy and nearly half the tenants were on a month to month lease
• NOI was weak and did not meet 1.00x DSCR at current levels

Knowing that there were deadlines to meet, Grand Pacific acted swiftly.

Solution

Grand Pacific was able to provide 100% of the cost associated with the transaction in addition to the acquisition.

• Our flexibility versus conventional lenders allows to us fund properties regardless of their tenant mix
• We funded this loan based on future outlook and was able to overlook past credit challenges
• Emphasis on guarantors supporting the property who have varying experience and strong financial backing

By acting swiftly, we were able to help our borrowers capitalize on this opportunity.

 

Contact Us

Start Your Application

(323)780-0855

 

Past Loans

Bridge Loans

Construction Loans

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California Finance Lender License# 6032068, 6050620.