San Bernardino, CA

$638,500

Industrial

Refinance

10/15/2014
Transaction by
Wilshire Finance Partners
Private money bridge loan to refinance an industrial building in San Bernardino, CA. Thd Borrower has significant real estate holdings and needed to pay off a maturing 1st trust deed loan on his commercial tilt-up building. The challenge for Wilshire on this transaction was the location and a lot of competing product. Wilshire was able to capture an additional piece of collateral from the borrower's portfolio and provide the needed financing to pay off the previous lender. The estimated value was $1M so the loan was sized to 64% LTV. The Borrower plans to sell the property or refinance with a conventional loan to pay off this 1st trust deed bridge loan within 2 years.