• (800) 510-2214
  • info@albcommercialcapital.com
  • Cal BRE License #01379610
  • (800) 510-2214
  • info@albcommercialcapital.com
  • Cal BRE License #01379610

Owner/User Office

Another Successful Funded Loan

  • $920,000
  • SBA 504 Blended Rate 3.64%
  • Purchase - 92% LTV
  • Owner/User
  • Office Property
  • Fullerton, CA

ASSIGNMENT:

ALB was referred to the Selling/listing agent from a title representative that we work often with. The transaction was a purchase of an office building by doctors who intended to use it for their Dental practice. The couple had an existing practice nearby but wanted to purchase this new building because it was larger, better parking and location and ultimately would help them to grow their business.

CHALLENGE:

The property had recently been purchased by the seller as an REO, and was upgraded, but did not suit the needs of a dental practice. Therefore, we had to have the borrowers engage a contractor who could supply the construction costs, time frame to complete work. The borrowers were limited on funds and required maximum leverage.

SOLUTION:

ALB structured an SBA 504 loan program for the purchase of the building and an SBA Community development program to finance the construction costs. The clients ended up infusing 13% down payment into the transaction. We closed and looks like we may be working with the seller on financing something for him too.