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$1.5 Million Cash Needed in 48 Hours

98-Unit Apartment Community | Orange County, CA

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Lending Challenge:

 

• Client sold his 98-unit apartment community which was in escrow and due to close in 2 days on a 1031 exchange.

 

• Client required $1,500,000 additional cash to complete the 1031 exchange but did not have the cash available.

 

• Client needed the $1,500,000 cash in 2 days or the escrow would cancel.

 

• The 98-unit apartment community was valued at $28,500,000 and had an existing $14,000,000 1st trust deed in place.

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Testa Capital Group Solution:

 

• Visited the 98-unit apartment community and met the client the same day.

 

• Issued a loan term sheet the same day for a new $1,500,000 2nd trust deed loan.

 

• Completed and signed loan docs on the morning of day 2.

 

• Funded $1,500,000 on day 2 and completed same day special recording of the deed of trust, closing the escrow on time.

 

• Due to successful performance, client had Testa Capital Group complete an additional $20+ million on several additional properties in his portfolio.

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