Wednesday, February 20, 2013

Marcus & Millichap Capital Corp. Arranges $6 Million Retail Strip Finance in Westminster, CA


                                    
WESTMINSTER, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged a $6 million bridge loan to refinance a retail strip in Westminster, Calif.

            Dillon Renn, an associate in MMCC’s Newport Beach office, arranged the loan.

            “From a lender’s perspective, this loan was extraordinarily challenging,” says Renn. “The borrower’s credit was below conventional lending standards, as he had recently been the victim of identity theft. The legal process of dismissing the borrower’s previous bankruptcy created several delays throughout the process as well.”

Dillon Renn
 “In spite of the challenges,” Renn concludes, “MMCC, with its specialized market knowledge and broad lender network, delivered terms—both rate and cost—superior to those the borrower had been able to attract independently.”

            The five-year loan amortizes over 25 years at 6 percent. The loan-to-value is 65 percent.


Press Contact:

Marcus & Millichap Capital Corp/
(925) 953-1716

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