Transaction Overview
Bryan Shaffer successfully structured a recorded 2nd mortgage for an Owner/User Sponsor on a San Francisco industrial building. The cash-out proceeds were used for a much-needed equity infusion into the business operations. The holder of the $6,000,000 Senior note agreed to allow the 2nd Trust Deed. The one-year term loan self-services through a lender-funded interest reserve.
Challenge: With less than two weeks to execute, the Sponsor required capital to rescue his business. It was cost prohibitive to retire the senior lender and very few capital providers will provide second mortgage debt.
Solution: GSP quickly identified a private capital provider who understood the San Francisco Industrial Market and did not require further market support. The flat decision-making process helped expedite the closing to meet the two-week time-line from introduction to close.
