This property located in the Central Valley of California is a commercial property with a little over 4,000 square feet in space. Our client was able to purchase the property and secure a seller carry back in second position (subordinate to our financing) in order to reduce the amount of cash needed to close.
We were able to structure a hard money commercial rehab loan that allowed him to acquire the property, self carry the loan for a period of time and contained a fund control account for the full cost of the rehab. The original plan was to create office suites in this building to be rented out, but a single tenant was located who wanted to occupy the full building.
Due to the flexibility of our programs we were able to move forward to funding without any issues even with the change in proposed tenant improvements to be done to the property. In this situation our client got a great deal on a property, and the end investors got a secure equity position with a seller carry back second subordinate to their financing.