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Flex Industrial - Cash Out/Refinance

Pasadena, CA

$4,800,000

Pasadena, CA

 

Funding Purpose

Provided Cash-Out refinance to help the client purchase a Singe Family Residence for personal use.

Property Description

Two separate tenants including a Day Care Learning Center and Tire Auto Center.

Sponsors

Retired former owner-operator of the two businesses occupying both buildings.

Challenges

  • COVID caused tenants to close and ask for Rent Abatement
  • NOI for last 12 months was lower than pre COVID
  • 4 separate LLCs requiring multiple loans
  • Client needed max proceeds to buy a house

Solutions

  • Structure loan with Credit Union that understood the complexity of sponsorship
  • Maximum Cash-Out option for the client to purchase a house

Funding

  • Loan Amount (LTV): 60%
  • Interest Rate: Combined 4.25%
  • Term: 10 Y
  • Recourse: full Recourse
  • Prepayment: Open W/O penalty


Paul Davidovac

Paul Davidovac

TITLE

Director, Capital Advisor

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