This transaction was a cross collateralization of two pieces of land here in California. One parcel was shovel ready with an existing structure that needed to be completely torn down. The other parcel was raw land. We were able to secure over $1mm in funding using these two parcels to help our client pay off a loan coming due and take cash out for business purposes.
This parcel was a 3.2 acre land parcel that was shovel ready with strong city support for the development. The building on the parcel had no value – it was a run down bowling alley that had to be torn down. This project had significant entitlement credits that would offset the cost of tearing down the existing structure.
The parcel below was another California land parcel, which was crossed with the above-mentioned property to allow us to structure a California land loan that met our client’s needs.