Type of the loan: Construction Loan
The purpose of this loan was for construction of 2 single family residences in Tarzana.
The business ambitions our clients held caused him to be in a transitional stage. They had multiple business ventures that were incomplete. Due to the incomplete projects the guarantor was in a state of weak liquidity and equity. Additionally, the investor for this project was unable to guarantee the loan causing the entire burden to a single guarantor.
Grand Pacific understands the difficulties of expanding businesses and kept that in consideration when helping our clients.
Although our client was in a transitional financial state, we foresaw that it was only a temporary issue and would alleviate itself in the short term. We recognized that the plan for this project was rock solid and had experienced investors backing this project. Believing our clients success, we moved swiftly to procure the requested capital which includes 100% construction cost along with payment reserve for the full loan term and other fees associated with this transaction. Grand Pacific was able to meet the client requests and was honored to help them expand their business.