The borrower required a $500,000 cash-out loan for working capital and minor improvements to the property.
The owner had been engaged in negotiations for several months to sell the property to UPS for more than $12 million.
Once the sale is finalized, the owner will need to relocate, and a portion of the loan funds was allocated to assist with the associated relocation expenses.
The collateral for this loan was a 66,494 sq. ft. facility situated on 3.7 acres in Cerritos, California.
Considering the considerable protective equity of over $4.0 million, this new loan was well secured.
The borrower boasts a favorable credit history, and the loan is anticipated to be repaid within 12 months from the proceeds of the property sale.
Bridge loans can be a great alternative source of financing for borrowers who do not qualify for conventional bank loans.
Even if numerous banks have rejected your project, as hard money lenders, we use much different lending criteria to determine whether to fund a deal.
We can rapidly fund your California Bridge Loan.
