Bridge Loan for Palm Springs Industrial Property Purchase & Rehab

Funded by Trinity Mortgage Fund

Cathedral City, CA

$2,600,000

Industrial

Commercial Property Value Add

06/11/2021
Transaction by
Trinity Mortgage Fund
Trinity Mortgage Fund, a direct private real estate lender based in San Diego, provided a commercial acquisition and rehab loan for a 30,000 SF 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 is income is stabilized with the new tenants, the borrower will be seeking conventional lending. This CRE bridge loan was funded in June 2021.