$21,500,000 Purchase Bridge Loan for a shopping mall.
Combination of a 1st for $11,500,000 and a 2nd for $10,000,000 75 LTV, 12-month term with extensions and a blended rate of 8.8%. In this loan, we had a mall in the Central Valley that was being sold for $26,000,000 that had multiple roll over leases and tenants such as Sears and JCPenney. We were able to put together high leverage financing along with a $2,000,000 hold back for tenant improvements and CAPEX to assist the buyer to reposition the mall.
$12,450,000 Purchase Bridge Loan at 7.15% at 75% LTV on a 24 month term for the Atwater Marketplace in Atwater, CA.
The buyer had a very specific plan to buy the Shopping Center and sell off individuals parcels as NNN pieces. Given the Covid-19 environment, lending for Retail has been very difficult, especially for properties with roll over leases located in a tertiary market. Was able to secure a loan structure for our borrower that got the leverage needed, excellent pricing, release structure built in for parcels as they are being sold, and close in under 45 days. This is now the second purchase financing we have arranged in the Central Valley in the last 18 months. The other being a 20 Million structure for the Hanford Mall in Hanford, CA.
$5,395,000 for a 3/1 ARM fixed at 5.95% with Interest Only for the 3-year term. This was a unique deal for a boutique hotel in San Diego.
In this transaction, we had a borrower that purchased this hotel in 2018 for about $5,600,000 and the borrower put about $2,500,000 of improvements into the hotel. Covid hit and the borrower had trouble stabilizing with the restaurant Covid restrictions in CA. They were able to get going in 2021 and our financing was based on future stabilizing. We were able to give them a cash out refi of over $1,000,000 and take out their hard money loan that was over 8%. Funded and closed within 65 days.
$2,500,000.00 cash out refi on a new construction for a home on a 7year ARM interest only at 4.25%
In this loan we had a developer that bought a property and did a full ground up construction. We had to use a combination of bank statements and rental income to qualify. Funded and closed in 45 days.
$5,150,000 Cash Out Refinance for a non for profit at 3.10% on a 5/1 arm on a commercial use building with non-recourse.
This was a very complex loan due to getting the institution comfortable with many types of cashflow for the entity and showing its ability to repay. Was able to create the cashflow and get the credit team comfortable to approve the loan. In addition, we helped the entity reduce its current loan from 6% to 3.10%, saving them over $150,000 annually and over $750,000 over the next 5-year period.
$600,000 Cash Out loan for an investment Single Family Residence under a 7/1 ARM at 5.75%.
For this loan we had a borrower that didn’t reflect enough income on their tax returns, we structured the loan to use their assets to qualify the loan under an Asset Depletion Program. We were able to fund this loan as an investment property without a prepayment penalty in under 40 days.
$400,000 Cash out loan on a 30-Year fixed at 5.375% with no points and no prepayment penalty.
In this loan we had a borrower that needed a quick cash out refinance. Borrower was self-employed with many investments and the tax returns reflected losses, which made it very difficult to do the deal under a traditional product. We found a loophole with Freddie Mac, and we were able to omit the K-1 losses. Funded and closed the deal in under 15 days.
$1,212,600 on a purchase loan for a Single Family Residence under a 40-Year fixed, with the first 10-years Interest Only.
After the initial 10 years, it goes in a fully amortized 30-Year fixed loan. Loan had no prepayment penalty and the interest rate was 6.75%. In this loan we had a borrower who was trying to sell his existing property to buy a new home and the timing didn’t work out. We had to change the loan from a traditional loan into a 12-Month Bank Statement loan and bring in a co-borrower and gave them leverage at 79% LTV. Funded and closed in under 30 days.
$1,000,000 at 11.75% for 2 years Interest Only.
This loan was cross collateralized as a 2nd loan behind two senior loans on two separate properties, one a Single Family Residence that was an investment property and the other a triplex. Our CLTV was 70%. We were able to fund and close within 2 weeks.
$400,000 purchase loan at 5.75% for a condo under a 30-Year fixed.
What was difficult about this loan was that the property had some litigation which created complications under HOA and lending. In addition, the borrower didn’t have enough income to qualify for the loan. Our solution was to use his IRA distributions to qualify their income. Funded and closed in under 3 weeks without ordering an appraisal.
$3,250,000, Cash Out Refinance, single tenant office building, 5-year fixed, 5.625%.
In this loan, we were providing significant cash out and only had a tenant lease for 5 years. We were able to mitigate the risk to the bank by providing a 6-month interest reserve. Funded and closed in 45 days.
$884,000 Cash Out Refinance for an investment fourplex under a 5/1 ARM at 5.25% at 65% leverage.
This was a cash out loan for an investment fourplex under an LLC that had multiple borrowers and complicated income structures. Units were under remodel being upgraded which created many issues throughout the loan process. We were able to work through all the scenarios and situations and fund and close in under 60 days.
896,000 purchase loan under a 30-Year fixed at 5.74% for a Single Family Residence.
In this loan we had a very complicated situation where family members were buying a property from other family members at a major discounted price. We helped structure the loan where the family gave a lower price in the form of a gift of equity. In addition to the complex structure, one of the spouses didn’t want to go on title although they were on the loan, we worked out an agreement to accommodate. Funded and closed in under 3 weeks.
$700,000 hard money 2nd for 24 months at 11.75% behind a Single Family Residence.
In this loan we had borrowers that needed a cash infusion to assist with another investment property. We were able to work the structure of both properties, arrange the paydown of debt to release the investment property that was cross collateralized with their primary home and fund and close concurrently with the sale of that investment property. Funded and closed in 30 days.
$900,000 Refinance for an apartment building under a 10-Year fixed at 5.56%.
In this loan we had a borrower with an existing loan that had two more years of prepayment penalty on the existing loan. We were able to negotiate with the current lender to waive their prepayment penalty and give us a new 10-Year fixed. Funded and closed in under 45 days.