Project Description
Purchase and Renovation for Industrial Building in Studio City
Loan Amount: $2,575,000
Loan Type: Bridge
Challenge
The borrower was coming back to Grand Pacific for the third time in order to fund their latest acquisition.
• 100% pro forma underwriting, Vacant property no cash flow in place
• Higher leverage at nearly 80% LTC
• We provide adequate proceeds for client on renovation budget for value creation
• Lower than expected appraisal value
Regardless of the estimated value, GP provided the original loan request without adjustments.
Solution
We provided over 80% of the acquisition and funded the renovation, payment reserve, and all other transactional costs.
• Returning borrowers who have completed several creative office projects
• Light on liquidity but adequate net worth
• Our flexibility to overlook minor credit issues
We were able to successfully close this loan at the borrower’s full request and by their deadline of escrow.
Contact Us
(323) 780-0855
