Multi-Tenant Office in Port Hueneme
Loan Amount: $2,880,000
Loan Type: Bridge – Acquisition
Located in a coastal area with 18,000 sq. ft. of rentable space, this property had high potential as an investment property.
• Tenant operated a herbal health service business which restricted financing options from conventional lenders
• The property currently had 15% vacancy and nearly half the tenants were on a month to month lease
• NOI was weak and did not meet 1.00x DSCR at current levels
Knowing that there were deadlines to meet, Grand Pacific acted swiftly.
Grand Pacific was able to provide 100% of the cost associated with the transaction in addition to the acquisition.
• Our flexibility versus conventional lenders allows to us fund properties regardless of their tenant mix
• We funded this loan based on future outlook and was able to overlook past credit challenges
• Emphasis on guarantors supporting the property who have varying experience and strong financial backing
By acting swiftly, we were able to help our borrowers capitalize on this opportunity.