Barry Slatt Mortgage Company’s Richard Davidson recently brokered the loan funding for a $10.4 million combination first trust deed acquisition loan along with a second trust deed mezzanine loan to acquire 3 vacant office buildings in the South Bay. The property is being acquired for the purpose of redevelopment of the site into one larger office building. Because the new building plans are still being processed through the city, the lender needed to underwrite their loans using the following parameters.
1. Cost basis based upon the purchase price.
2. Value of the site as vacant land.
3. Estimate of the value by re-leasing the existing buildings.
The loan was placed with a new crowd-funding relationship of Barry Slatt Mortgage Company’s. The lender was chosen because of its structured underwriting, high leverage, and its ability to move quickly to meet the borrower’s time deadlines.