Closed Loans

 

 

Diamond Bar, CA.  October 6, 2010.  The Loan Company of San Diego refinanced a $1,000,000 loan (1st Trust Deed) on 10,200 sq.ft. multi-tenant retail property that was in transition of being refinanced by a Life Company.  The property currently has 3 tenants, Cathay Bank, Starbucks, and Sprint with the remaining vacant space being leased by a dentist. The property had a loan that matured 9/30/10 and the lender would not extend the loan.  The borrower has a loan commitment from a Life Company that will take out current lender, however, not until the fourth tenant was occupying the remaining vacant space and paying rent.  In order to keep the loan from going into default which would eliminate the Life Company from making the permanent loan, The Loan Company came in quickly to make a bridge loan paying off the existing loan.  Once the remaining tenant’s T/I’s are complete and the tenant has moved in and is paying rent, the Life Company would fund their loan paying off The Loan Company.  The project “as is” services the debt with a conservative LTV ratio of 50%.  The Loan Company funded the bridge loan within two weeks of the request at a competitive interest rate giving the borrower the ability to continue working with the Life Company making the permanent loan.  The borrower was pleased with The Loan Company making it quick, easy and hassle free.