SANTA MONICA, CA (July 20, 2015) - Helvetica provided a $305,000 refinance loan on a 5-unit multifamily property in Santa Monica, CA. The borrower had an existing loan on the property with an upcoming maturity date. The property was 100% occupied and had good cash flow. Despite the fact that the property was stabilized, and located in a highly desirable area, the borrower was unable to obtain conventional bank financing due to some temporary credit challenges. Helvetica acted quickly to refinance the borrower helping them to avoid a late fee on their looming balloon payment. The borrower will be able to utilize Helvetica's bridge loan while they clean up some credit issues and look for permanent bank financing. The borrower may also be able to take advantage of Helvetica's bridge to perm program.
Deal Highlights
- Small balance commercial real estate loan
- Bridge to Perm
- 30% LTV, 8% rate, 60 months term, 2 points
- Looming balloon payment
- Credit challenges
Helvetica uses common sense underwriting to offer borrowers an alternative source to traditional bank guidelines.
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