Refinance Bridge Loan for Commercial Property in San Jose, California

Redwood Mortgage, a direct private money lender headquartered in the Bay Area, funded a $4,600,000 short term bridge loan secured by a commercial office property in San Jose. The Borrower is a well-established organization that occupies the property. Redwood’s loan provided cash out for the Borrower to pay off maturing debt and as well as cash for debt consolidation. The loan-to-value was 48%, and the term is 24 months, interest only. The Borrower turned to private money given that the bank refi was delayed and impacted by tightened loan program parameters due to the current pandemic. Redwood’s loan provided the cash out liquidity needed in a timeframe that supported the organization’s needs. The Borrower’s exit strategy is to refinance with a bank loan in 1-2 years. This private mortgage was funded in November 2020.