Challenge/Opportunity:  Although our borrowers already had bank financing on their performing retail/office building, they needed additional funds to pursue entitlements to reposition the property. They came to Redwood Mortgage knowing we had the capital strength to fund this loan, and that we could provide the speed and certainty of execution they required. Needing approximately $2,000,000 of cash out, the borrowers realized that Redwood’s pricing and lending capacity would be their best option.

Solution Provided:  We paid off the bank financing, providing a two year loan to allow sufficient time to complete the entitlements. Located in a core urban market, the multi-tenant property will debt service with the existing leases in place. 64% LTV