Business Acquisition in Citrus Heights

This buyer/borrower was referred to us after his loan with the SBA was delayed and he needed to close before year end or lose the benefits of his 1031 Exchange. We ran into some issues along the way (an expired ground lease and deceased owners/sellers still on title) but got creative and made the deal work to meet a very tight timeframe. The buyer intends to refinance with the SBA in a few months when timing isn’t as restrictive. All in all, a successful transaction and a very happy borrower Collateral: • Subject Property Address: Greenback Lane, Citrus Heights, CA • Property Type: Retail/Office • Lien Position: 1st Deed of Trust • Loan Purpose: Acquisition for Business Purposes • Loan Term: 12 Months