This bridge refinance loan was secured by ten commercial suites in a mixed-use condominium project. The collateral constituted of all the ground floor commercial condos, and the residential condominiums above were separately owned and therefore not a part of the collateral mix. 100% leased with solid, diverse and many long-established tenancies, the property was well-located across the street from a major transportation corridor and in the South Bay community of Otay Ranch.
This cash-out, commercial refinance paid off a maturing senior loan and other pressing obligations, while netting proceeds for unrelated uses.
Well known to Seattle Funding Group, the referring broker had excellent client control, was extremely helpful and engaged throughout the underwriting process, and earned $31,000 for his efforts.
Specializing in small balance bridge and construction financing throughout The West, Seattle Funding Group provides real estate Capital at the Speed of Business…and for over 32 years, meaningful income for brokerage professionals across the country.