$5,350,000 SBA LOAN FOR RETAIL IN ECHO PARK, CA
Continental Partners successfully arranged a $5,350,000 SBA 504 loan for the acquisition and renovation of a hospitality property in Los Angeles, CA.
Summary: Continental Partners successfully arranged a $5,350,000 SBA 504 loan for the acquisition and renovation of a hospitality property in Los Angeles, CA. The Sponsor was seeking a SBA loan option to aid them in their acquisition and renovation of their hospitality venture. Continental Partners was able to assist the Sponsors by identifying a lender willing to lend on a projection basis.
Opportunity: The Sponsor was seeking the largest amount of loan dollars at the cheapest rate. Continental Partners reached out multiple lending relationships who are extremely competitive and identify a SBA 504 lender who could push proceeds to 87.5% LTC on a $6MN 6MM project with minimal equity down, and a very large renovation budget.
Result: Continental Partners identified a lender capable of meeting the Sponsor’s 87.5% LTC covenant and including associated renovation costs, i.e. architectural; zoning; plans; permits; and closing costs. In conjunction to the financing needs of the Sponsor, Continental Partners secured timely financing for the Sponsor during a Lender merger.