51% CLTV; Refi of an O/O SFR & 2 Comm. Bldgs in SoCal.
Our borrower, with strong credit scores, used the proceeds of our mortgage loan against his home and 2 office buildings, to consolidate the existing business debt against his SFR.
Our lien is in first position on the SFR and in a junior position, (3rd & 4th respectively) on the office buildings. The CLTV (combined loan-to-value) of this transaction is 51%.
Primary collateral - A SFR which consists of 6 bedrooms and 7 baths with 10,060 square feet.
Supplemental collateral - 2 identical, adjacent, 2-story, medical office buildings, one of which is owner / user, the 2nd of which is vacant and in escrow to be sold. Both properties consist of 12,547 square feet, each with two suites on separate floors with receptions & admin. areas, offices and restrooms.