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.
We go where banks don't dare
The borrower intends on using Helvetica’s bridge loan to provide further seasoning before seeking conventional bank financing. The borrower owned several other income producing properties, had a sizeable net worth and a good credit score. The borrower also had a great payment history and was a good candidate for bank financing after 1-2 more years of seasoning. Helvetica's common sense underwriting saved the day.
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Deal Highlights:
- Bank Turndown
- Baloon Payment
- Discounted Payoff
- High Vacancy
- Seasoning
- Quick Closing
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