Cash Out Refinance for Trucking Facility in Southern California

Funded by S&L Capital Group

Chino, CA

$2,690,000

Office, Parking Lot

Equity Cash Out

05/23/2022
Transaction by
S&L Capital Group
S&L Capital funded a $2,690,000 cash-out refinance secured by a recently developed Office Building / Trucking facility, sitting on 5 acres in Chino, CA. Our 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, CA. 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.