The Deal
$650,000
Orange County, California
9.0%
50.0%
18 months
Purchase
Tow Yard
Refinance with a Traditional Bank
The borrower purchased an 8,423 sq. ft. light-industrial property on a 0.65-acre lot in Costa Mesa for $4 million to expand their towing business through the stock purchase of an existing corporation.
Although two adjacent parcels exist, only one will be utilized as collateral. The borrower will lease one of the properties to their towing business and pay $10,000 monthly rent. In contrast, the other property will continue occupied by an existing tenant who currently pays $12,000 monthly rent.
To complete the acquisition, the borrower obtained a private money loan of $650,000 from us and a second-position bridge loan of $150,000 from another lender.
The borrower exemplifies a worthy investment opportunity by boasting excellent credit, a substantial net worth, and an ownership portfolio spanning Los Angeles and Orange Counties.
