RAMONA, CA (September 30, 2015) - Helvetica funded a loan secured by a two story, 24,960 square foot, multi-tenant office/retail building in Ramona, CA. Helvetica provided a $1,900,000 loan to refinance the borrower’s maturing debt. The borrower purchased the land nearly 15 years ago and received a bank loan after completing the construction of the building in 2003. During the economic downturn, a few tenants vacated the building causing the property value to decline. The borrower negotiated a forbearance agreement with the existing lender who later accepted a discounted payoff. The borrower refinanced with a private money lender and that loan came due. The broker was unable to find a traditional loan: banks were unwilling to finance the property even though there was plenty of equity.
The broker earned $19,000 and was able to save the borrower from foreclosure.