$450,000 Refinance in Saratoga, CA

Refinance of a retail building. The borrower had trouble securing financing though conventional means due to the fact that the tenant was shut down due to Covid and had minimal income. The revenue is slowly improving and the borrower expects to be able to qualify for a conventional loan soon. The purpose of the loan was to pay off an existing lender and provide some cash-out for capital improvements and money to put back into the business.

Loan Amount: $450,000

Loan Term: 12 months

LTV: 60%