This was a challenging situation given the 2nd floor was fully vacant and the property was located in a treachery market. As a result all traditional banks were passing on the file and leaving the client in a difficult position.
To solve this issue we brought in a portfolio value based lender who was able to over look to occupancy and location shortfalls in order to get the deal closed.
The sponsor was able to get the cash out he needed to trigger his subdivision development project thus succeeding in his ultimate investment goals. Upon stabilization of the 2nd floor, we will then refinance to a best rate loan.