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Deal Details
Private Loan Type
Commercial Property Value Add
Approx. Funding Date
06/11/2021
Property Type
Property City
Cathedral City
Property State
CA
Loan Term (months)
36
Lien Type
1st Mortgage
Payment Type
Interest Only
Term
3 years
Occupancy at Closing
Tenant-Occupied
Building Square Footage
30,000
Deal Summary
Trinity Mortgage Fund, a direct private real estate lender based in San Diego, provided a commercial acquisition and rehab loan for a 30,000-square-foot multi-tenant industrial building in Cathedral City, in the Palm Springs area of Southern California. At the time of acquisition, 10,000 square feet of the property was occupied by a credit tenant and 20,000 square feet was occupied by low-paying tenants. The Borrower was coming out of a 1031 exchange, and their strategy with this acquisition was to get private financing to retrofit and rehab the property in order to bring in higher-paying tenants. The Borrower provided $2,200,000 of their own equity and we provide a $2,600,000 bridge loan with a loan term of 3 years. Since the loan funding, the Borrower has paid the loan down to $1,500,000. Once the property’s income is stabilized with the new tenants, the Borrower will be seeking conventional lending. This CRE bridge loan was funded in June 2021.
Funded By
Trinity Mortgage Fund
Trusted and Experienced Direct Real Estate Lenders