$596,000 Business Acquisition in Citrus Heights
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This buyer/borrower was referred to us after his loan with the SBA was delayed and he needed to close before year end or lose the benefits of his 1031 Exchange. We ran into some issues along the way (an expired ground lease and deceased owners/sellers still on title) but got creative and made the deal work to meet a very tight timeframe. The buyer intends to refinance with the SBA in a few months when timing isnât as restrictive. All in all, a successful transaction and a very happy borrower
Collateral:
âĒ Subject Property Address: Greenback Lane, Citrus Heights, CA
âĒ Property Type: Retail/Office
âĒ Lien Position: 1st Deed of Trust
âĒ Loan Purpose: Acquisition for Business Purposes
âĒ Loan Term: 12 Months
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