Sacramento County, CA – $1,590,000
Our borrower needed to close on a purchase transaction for a $3.85MM new office building within a very short amount of time. We were asked to be the 2nd mortgage interim lender for SBA 504 financing, since other traditional lenders had declined. We funded $1.59MM 2nd lien with a 90% CLTV, while cross-collateralizing with a cold shell office building our borrower owned next door. Not only was our deal funded in one week, but we set up construction financing for tenant improvements on the adjacent cold shell office building as part of our loan structure, keeping the borrower’s cost low!