Refinance Bridge Loan for Historic Retail Building in Garden Grove, California

Private Mortgage Fund, LLC funded a $1,100,000 1st lien position bridge loan secured by a commercial property in Orange County, CA. It’s a unique historic building in Downtown Garden Grove with street retail spaces as well as office space. The Borrowers purchased the property out of a distressed sale and have been working on a major renovation of the property. They needed some additional cash to complete the project. We paid off the previous lender and provide the cash out needed. Our loan was around 60% of the as-is value. PMF does not provide rehab loans with budget hold backs, and we do not lend on future value. We did our own in-house valuation, and no appraisal was required. The Borrowers expect to complete the renovations very quickly and then seek permanent financing once the property is stabilized. The loan term is 12 months, and we funded this bridge loan in August 2019.