Type of the loan: Construction Loan
The loan provided the necessary funds to develop a mixed use building consisting of 1 residential unit, 2 commercial units, and 5 live/work units.
The subject property was located in a remote area and faced ambiguity from rising interest rates and frail economic stability. These factors lead to the questionability of buyer demand because of the possibility of limited financing for buyers. The guarantor also faced personal credit issues as well as limited net worth.
Grand Pacific was able to overcome the roadblocks by recognizing that our client was a repeating client and has proved their reliability. The client also has substantial experiences as a real estate developer and broker and specialized in similar projects as an architect and real estate agent. Furthermore, the property was located in a desirable location in Ojai that is projected to continue expanding in the near future. Grand Pacific believed that this project would lead to prosperity and was able to close the project successfully.