Reno, NV

$2,160,000

Office

Refinance

03/15/2016
Transaction by
Wilshire Finance Partners
In March 2016, Wilshire Finance Partners funded a bridge loan secured by an 11-unit office building in Reno, NV. This was a time-sensitive rate and term refinance of an exiting note that had reached maturity. The Borrower is an engineer who built the building in 1999. He has shown good pride of ownership and has historically good regional credit tenants. He recently lost two of his tenants and was unable to qualify for a bank loan. Wilshire stepped in and closed the loan in 10 days from receipt of application and provided an interest reserve to cover the delta in debt service coverage. The estimated value of the property is $3,400,000 so the loan-to-value for our 1st trust deed loan is 65%. After renting the vacant offices, the Borrower plans to refinance with a conventional loan within 2 years.