A buyer was in escrow to purchase an investment property that included a two tenant, stand alone retail building within a small strip center anchored by a Ross Dress for Less store and a Chili’s restaurant. The borrower needed to close within 30 days and needed a lender to move fast with no hassle.
The purchase price was $1,830,000. The Loan Company provided a $1,080,000 loan or 59% of the purchase price. The property is 100% leased and easily services the debt.
The Loan Company provided the borrower with an excellent term bridge loan at a competitive private money rate and terms.