In the world of commercial real estate, a successful bridge refinance loan was secured against ten commercial suites within a mixed-use condominium project. The collateral encompassed all ground-floor commercial condos, while the residential condominiums above remained under separate ownership. This property, located in Chula Vista, California, was fully leased, strategically positioned across from a major transportation corridor in the South Bay community of Otay Ranch.
With a loan amount of $3,100,000, this cash-out commercial refinance played a pivotal role in retiring a maturing senior loan and addressing other financial obligations while generating additional proceeds for unrelated purposes.
The referring broker, well-acquainted with Seattle Funding Group, demonstrated excellent client management skills, remaining highly engaged throughout the underwriting process and earning $31,000 for their valuable efforts.
