Loan Type: Construction
Our client proposed this project at times of weak economic outlook and rising interest rates. Because this deal was being proposed by our repeating client, Grand Pacific was determined to find a way to fund this deal.
Borrower provided information showed:
• Subject was located in a remote area
• Past personal credit issue
• Limited net worth from high investment activity
We were able to overcome the roadblocks and provided a 75% LTC with a full term interest reserve by:
• Recognizing that our client was a repeating client and has proved their reliability
• Client had 40 years of experience as a real estate developer and broker
• Ojai was projected to expand in the near future.