Challenge / Opportunity: Borrower needed a rate and term refi to pay-off a matured seller carryback first trust deed on an auto dealership.
Solution Provided: Redwood Mortgage looked beyond the maturity NOD filed on the commercial property to see the strong net cash flow and long term property lease. The sponsor has an extensive portfolio of commercial real estate in the area. The Redwood Mortgage financing allowed the borrower to retire the matured debt and will provide time for the property to be positioned for institutional financing. The LTV on this loan was 65%.