Recently we received a request for a $800,000.00 loan on a commercial building located in Gardena, CA. The borrower had very good documentation and wanted to close very quickly. We offered to assist the borrower to obtain a low rate conventional loan from a major lender, however the borrower had already planned to sell his building and in fact was in an open escrow to do so. He couldn’t wait the time for the escrow to close in order to obtain funds now to run his business and other expenses. We accomodated him by making a short term loan for $800,000.00 while his escrow proceeds. By borrowing the money for a short time, it keeps the overall interest costs down. The borrower was very happy with our service and even though the escrow was delayed while the new buyer is qualifying for his S.B.A. loan, our borrower has the funds he needed to run his business and take care of expenses.
Our main business is to buy seller carryback Notes, however on occassion we are certainly open to a loan request by a borrower on thier multi-family or commercial property in Southern California. We hope to hear from you!