Project Description

Purchase of a Multifamily Apartment in Santa Monica, CA
Loan Amount: $1,635,000
Loan Type: Bridge

Challenge

The subject property was a 9-unit Multifamily Apartment located between Hollywood and East Hollywood in Los Angeles, CA.

· 4 of the 9 units were currently vacant
· Current rental income could not service the debt

Solution

Due to:

·       Strong Location
·       Financial contribution from Sponsor’s global income

Grand Pacific was able to provide:

·       $1.6M Bridge Loan
·       64% LTV

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