Long Beach, CA

$937,500

Retail

Refinance

01/15/2015
Transaction by
Wilshire Finance Partners
$937,500 private money bridge loan secured by a 3-unit retail property in Long Beach, CA. The Borrower and his ex-wife operated a business together using more than half of the 12,000 square feet. Upon divorcing, the previous lender wanted him to refinance to removed the ex-wife from the note and deed of trust. The Borrower showed excellent pride of ownership and a solid plan to re-lease the vacant space. We provided a quick bridge loan, removed the ex-wife, and the Borrower executed his plan. He is now 100% occupied and will get a new loan from a bank to refinance. The loan-to-value for this bridge loan is just 53%, and the loan term is 2 years.