$5,775,000 Commercial Loan in San Diego, CA

Loan Amount: $5,775,000

LTPP: 55%

Type: Commercial Loan

Term: 24 months

The borrower is an experienced developers expanding their commercial real estate portfolio. First Bridge Lending provided a loan for the developers to acquire the subject property, which is a service oriented multi-tenant retail center located on a high-traffic corner in the Kearny Mesa submarket of San Diego. Kearny Mesa has maintained a sub-5% vacancy level in neighborhood retail centers over the past decade. The property was cash flowing and being acquired at a 5% cap rate on in-place rents. The subject was 84% occupied and the in-place rents were below market creating an opportunity for the borrower to implement a more professional operational plan for the asset.

The loan amount totaled $5,775,000 at 55% LTPP for a 24-month term. First Bridge Lending originator Brian Haines facilitated this deal and helped the client secure funding for their next commercial investment property.

Private Lender
Direct Lender
Quick Process puts you in touch with decision makers
Loans funded in 3 business days
In-house Underwriting, No Appraisal Required

FBL Track Record
Over 3,500 loans totaling more than $2 billion closed since 2012
Funded loans from $100,000 to $5 Million on Residential/Commercial properties
CA Licensed: CFL, DRE, NMLS

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