Funding Purpose
Refinance his current loan since his lender would not extend his mortgage that was due
Property Description
6 tenant retail building in Whittier, CA
Sponsors
Avid Real Estate investor who owns 10+ properties and actually started his journey with a very successful outdoor swap meet business
Challenges
- Very short term MTM Leases
Solutions
- Was able to tell the story that 90% of the tenants had occupied the space for more than 10 years
Funding
- Loan Amount (LTV): 60%
- Interest Rate: 3.5%
- Amortization: 25 Y
- Term: 5 Y
- Recourse: Non Recourse
- Prepayment: Allowed
