Non-credit restaurant retail in Los Angeles, CA

 

Sunset Junction, Silverlake section of Los Angeles, CA

 

  • $3,500,000 Cash-out refinance
  • 10-year fixed rate
  • 2 non-credit restaurants under same operator
  • Rents marked to market downward on appraisal
  • 1 tenant (50% of asset) not open for business at loan application. C of O issued at funding
  • Past environmental issues plague the property
  • Questionable credit issues on sponsor
  • Full proceeds delivered with relaxed uw standards
  • Funding source: NW Regional Bank