This borrower just completed ground-up construction on this commercial building and had yet to find a tenant. His current first mortgage was due, and our loan affords him the ability to meet his obligations, stabilize the income and seek conventional financing. We quickly funded $750,000 on this vacant building in the Bayview.
This self-employed, stated-income contractor purchased this property using mostly all cash. He then proceeded to renovate the building by adding a 2nd story and turning the entire space into a restaurant, again using all-cash. His budget was exceeded with construction overruns, and he needed a quick injection of $600,000 to complete the restaurant and open […]
Our loan paid off a first mortgage of $1,000,000 and replenished money the borrower spent on extensively renovating the property, including seismically reinforcing the building. The payment on our loan is only 60% of the rents generated by the building, so the positive cash-flow is solid. Although a difficult loan type in today’s market, Sequoia […]