Type of the loan: Bridge Loan – Refinance
The loan provided the client the necessary funds to refinance their current loan.
The business of the subject 113-bedroom property was still in a stabilization phase with a relatively low NOI from the previous year.
Although difficult, we recognized that the subject property had significant upside. First, it was located in a desirable location in San Diego and the operations was showing improvements. We also weighed the client’s mix of experience as real estate investors and as the principal of a senior living home heavily, and considered them positive attributes to have for a successful business. Grand Pacific’s perseverance in achieving our customer’s goals helped us earn recognition in the market place.