Location: Oceanside, CA
Loan Amount: $925,000
Interest Rate: 12.5%
Term/Amortization: 12-Months / Interest Only
Loan to Value: 55%
Purpose: The cash out refinance paid off the existing maturing loan and funded the necessary permitting fees required by the city. This bridge loan allowed the sponsorship to complete the necessary approvals for a 16,000 square-foot mixed-use development, which will be completed in the next 18-months. The 1-year land loan was sized up to 55% LTV, priced at 12.5%, and closed 5 business days.