Type of the loan: Construction Loan
The loan provided funds to construct a 6-unit apartment in Los Angeles area.
There were challenges Grand Pacific must overcome in order to complete this project. Our client intended to sell this property after construction. However because of the magnitude of the project, the construction duration for this project was estimated to be long or delayed.
Grand Pacific understands that construction terms for projects are susceptible to being long or extended.
We believed in the demand for this property would be enormous once the project is completed due to the property being located in an area with ample demand for future business. Additionally our clients had a track record for functional construction records from working on tens of real estate projects throughout California. These factors together helped Grand Pacific decide aid our client in obtaining their goals.