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.”
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| 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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