Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
05/23/2022
Property Type
Property City
Chino
Property State
CA
Loan-to-Value
40%
Deal Summary
S&L Capital, a California-based lending firm, funded a $2,690,000 cash-out refinance secured by a recently developed Office Building / Trucking facility, sitting on 5 acres in Chino, California. The Borrower acquired the subject property as raw land a few years ago and self-financed the development of this property. It is a fully enclosed 5 acres, with security walls. They had secured a long-term lease to a large company that has a fleet of trucks. The cashout refinance was paired up with a $3,410,000 acquisition loan, and a 2nd position $1,400,000 cross in order to hit a requested loan amount of $7,500,000 to acquire a high-end, multiple-unit rental, in North Tustin, California. Our resulting combined LTV on the Commercial Asset was sub 40% LTV. We did require a Phase I for the trucking facility, though recently developed, but were able to close the loan with no appraisal. We performed an internal valuation which allowed our client to meet the tight closing window. From submission to funding, we were able to complete this in 2 weeks. This CRE bridge loan was funded in May 2022.