Project Description

 

7-Unit Flex Building in Simi Valley

Loan Amount: $6,750,000

Loan Type: Bridge – Refinance and Cash out

Challenge

A veteran real estate investor came to Grand Pacific to refinance the subject property within an absolute deadline of two weeks.

• Multiple owner occupied units which was projected to account for nearly 60% of the property
• Sponsor liquidity was acceptable
• Request of an additional 40% cash out on property to bolster Sponsor cash position
• Sponsor’s tax return showed net loss from a one-time business misfortune

Knowing that the Sponsor was a seasoned nationwide investor, we decided to proceed.

Solution

With a tight deadline, we leveraged our experience and relationships to expedite the closing of this loan.

• Expedited outside appraisal by leveraging our relationship with the appraiser.
• Our acceptance of pocket to pocket leases
• Subject property had strong cash flow
• Vacating tenants were to be replaced by Sponsor’s business

Grand Pacific was not only able to provide a loan with substantial cash out, but also was able to meet the borrower’s deadline.

 

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(323)780-0855

 

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California Finance Lender License# 6032068, 6050620.