It is no secret that the office condo asset-class has experienced significant value declines in most Southern California market locations. The deciding factors in this case that overcame the market turbulence included:

1. Good sponsorship with a small office facility well within their means

2. Excellent location very near The OC’s financial hub and airport…with a Santa Ana value

3. A clean, stable, well-managed office park

4. 45% of the cash price paid 12-months ago…and an LTV well within safe margins today

5. A loan exposure that easily pencils at the low end of the rental market

$200,000 is a small loan for SFG, but for the broker whose client needed a highly-responsive cash-out refi on a difficult asset-type in today’s lending environment, it was no small deal.