This transaction was comprised of a few different commercial property lots, and included parking lots, storefronts and an autobody shop. While the property was in a great location, situated right in the middle of a revitalization area, the property was difficult to value due to the lack of comparable sales in the area. We were able to get creative with this Contra Costa County commercial property due to the added comfort level that various leases with the city and local fire department gave the lenders and put together a hard money loan that met the borrowers needs.
The hard money loans in California we assist with are equity based. Regardless of a borrowers credit situation, if there is enough equity in a particular property we are typically able to help provide a financing solution. Even lacking comparable sales on unique property types we can get creative and find a win-win solution for both our borrower and the lender.