Pacific Private Money just closed a $536,250 loan amount, 65% LTV, Purchase of commercial lot suitable for development in downtown Alameda.The subject property is a single parcel on the major thoroughfare Webster Street in an urban/ suburban area of Alameda (0.34 corner, 110f ft. X 133 ft., rectangular shaped). It has a zoning designation of CC, Community Commercial Zone. This allows for certain commercial uses that are consistent with objectives of the general plan.
The borrower used the funds to purchase the property and obtain approval for new mixed use development. The borrower came in with 35% down and closing costs (approx. $315,000).
The Borrower is an LLC that is a repeat client of Pacific Private Money with an excellent payment history. The LLC manager is an experienced real estate investor and a former foreign correspondent. He has completed a number of Bay Area development projects.
Due to the nature of this transaction, conventional financing was not available.
Pacific Private Money sourced private capital and was able to close this transaction. The loan will be paid off with construction financing.