Project Description

Cash Out on a Multifamily Apartment in Santa Monica, CA
Loan Amount: $1,800,000
Loan Type: Bridge

Challenge

The subject property was a 5-unit Multifamily Apartment located in Santa Monica, CA.

· The subject property was currently vacant
· The subject property was currently undergoing renovations
· The borrower was seeking Cash Out to purchase another investment property

Solution

Due to:

· Strong Location
· Experienced Sponsor
· Strong Net Worth

Grand Pacific was able to provide:

· $1.8M Bridge Loan
· 70% LTV
· Cash Out
· Full Interest Payment Reserve

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