Project Description

 

38-unit SRO in Los Angeles

Loan Amount: $3,500,000

Loan Type: Bridge – Refinance and Cash out

Challenge

The borrowers were seeking to acquire this property located next to downtown Los Angeles. Some concerns Grand Pacific had were:

• DSCR was at 1.00x, just enough to serve the debt
• The subject was rent controlled which implied a smaller upward mobility
• Leases were on a month to month contract which raised concerns of stability

The borrower’s window of opportunity was closing quickly due to competition from other buyers.

Solution

Although concerns existed, we funded this acquisition by focusing on the factors listed below:

• 100% occupancy
• Sponsor with favorable attributes such as investor experience and healthy finances
• Location with a high demand for rental markets

We were able to ensure our borrowers captured this investment opportunity with our accommodating guidelines and brisk loan procedure.

 

Contact Us

Start Your Application

(323)780-0855

 

Past Loans

Bridge Loans

Construction Loans

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California Finance Lender License# 6032068, 6050620.