7-Unit Flex Building in Simi Valley
Loan Amount: $6,750,000
Loan Type: Bridge – Refinance and Cash out
A veteran real estate investor came to Grand Pacific to refinance the subject property within an absolute deadline of two weeks.
• Multiple owner occupied units which was projected to account for nearly 60% of the property
• Sponsor liquidity was acceptable
• Request of an additional 40% cash out on property to bolster Sponsor cash position
• Sponsor’s tax return showed net loss from a one-time business misfortune
Knowing that the Sponsor was a seasoned nationwide investor, we decided to proceed.
With a tight deadline, we leveraged our experience and relationships to expedite the closing of this loan.
• Expedited outside appraisal by leveraging our relationship with the appraiser.
• Our acceptance of pocket to pocket leases
• Subject property had strong cash flow
• Vacating tenants were to be replaced by Sponsor’s business
Grand Pacific was not only able to provide a loan with substantial cash out, but also was able to meet the borrower’s deadline.