- Manteca, CA
- Cash-out transaction on two Free & Clear office buildings
- 6.40% fixed interest rate for initial 5 years; 10 year loan term
- 70% of total project costs
John McCallum, Borrower’s Advocate, completed this $600,000 unrestricted cash-out loan transaction for two office buildings. The owner paid cash for the acquisition of the vacant property just 12months prior. Having completed property & tenant improvements, the owner sourced tenants to bring the property to 100% stabilized occupancy. The appreciated property value justified the $600,000 loan amount equal to 75% of total project costs. In this market, lending to office properties are still challenged given lender legacy constraints. The property owner required the cash-out funding to accommodate his next project. Known for representing owners and investors in obtaining the best financing solutions, John McCallum sourced and closed the loan to provide the owner another opportunity to grow the real estate portfolio.
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