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::: Recent Success StoriesCommercial Line of Credit - Multi Family
Humboldt County, CA Our borrowers were looking for a cost-effective way to finance improvements to certain rental properties they owned. Our CCLOC+ (Convertible Commerical Line of Credit+) allowed them to use equity in a 5-plex for a line of credit which they can later convert to permanent financing if they choose. Because ReProp allows 2nd liens for qualified borrowers, they also preserved an excellent fixed rate for the first lien loan. Shelter Cove - SBA Financing
Humboldt County, CA We were approached by a local bank to assist their customer with an SBA 504 loan that was already approved by the SBA. Because of our banking contacts, and our relationship with the Arcata Economic Development Corporation, we were able to put the financing together in less than a month! Ag Property Purchase – 11 Day Turnaround
Klamath County, OR When another lender dropped out because they couldn’t fund the purchase of an ag property in Oregon at the 11th hour, ReProp stepped in and funded in 11 days. We used our contacts to obtain a price opinion virtually overnight, and coordinated loan documentation long distance. The strength of our network of contacts is one of ReProp’s key strengths. Office Interim SBA / Construction Hybrid
Sacramento County, CA Our borrower needed to close on a purchase transaction for a $3.85MM new office building within a very short amount of time. We were asked to be the 2nd mortgage interim lender for SBA 504 financing, since other traditional lenders had declined. We funded $1.59MM 2nd lien with a 90% CLTV, while cross-collateralizing with a cold shell office building our borrower owned next door. Not only was our deal funded in one week, but we set up construction financing for tenant improvements on the adjacent cold shell office building as part of our loan structure, keeping the borrower’s cost low! Farmland / Restaurant Creative Collateral Solution
Baker County, OR We were asked to finance the purchase of a farm for a family that had recently relocated to Oregon. They had a reasonable down payment but told us they wanted to retain some funds for working capital. We took the farmland and a landmark restaurant they owned as security, which allowed them to reduce the amount of their total down payment. Quick Help
Marion County, OR This loan was referred to us when the borrower found that he couldn’t obtain traditional bank financing. He raises buffalo and sells its jerky to Native American business operations. After making a site visit and using an appraisal performed for another lender with alternative income verification, we were able to provide the transitional financing he needed within three weeks, in time to pay the balloon loan off when it was due. Retail - Customized Line of Credit
Fresno County, CA We were asked to provide our exclusive Convertible Commercial Line of Credit Plus(CCLOC+) [pdf], in second position for a niche retail mall for the borrower's use in taking advantage of other investments. This loan was tailored to meet the borrower's requirements - instead of requiring that they fit our loan product box, we extended our typical term to allow them the time they needed to bring their business plan to fruition. Agricultural Working Capital
Butte County, CA This farmer was referred to us by their bank as a historically good customer whose financial position was affected by a weather-related loss carry-forward on his crop line. He needed a transitional loan to inject capital into farm operations to meet his bank’s loan covenants. We placed a second on his farmland behind another bank’s low interest rate first, allowing him to retain a good interest rate on the first. We made this loan with an internal valuation instead of a full appraisal, saving the borrower both time and cost. When Income Isn’t Stabilized
Shasta County, CA The borrowers recently completed the second phase of a new self-storage facility. Their bank was not comfortable offering them a take out loan until they stabilized the income. So we stepped in to make the loan that will bridge them until their bank can make the loan. We funded the loan prior to their bank’s deadline. Organic Financing
Marion County, OR This loan was to a Oregon dairy farmer who had recently converted his dairy to organic – a three year process. Although he now has substantially better income, there were problems he needed to take care of. We were able to refinance the property based on projections, supported by one year of increased revenue verification, with sufficient cash to take care of those problems. This transitional financing will allow the borrower to generate the cash flow history necessary to refinance with his bank. After ReProp and the appraiser made independent site visits, we funded a loan prior to obtaining the appraisal. This allowed the borrower to take care of his pressing needs, and we advanced additional funds after receipt of the appraisal. Body Shop - Commercial Line of Credit
Placer County, CA This borrower needed a line of credit to assist with their business operations. While their primary business showed recent losses due to circumstances outside their control, their business property had attributes that allowed us to make a loan. We left their first lien in place (it had a very good interest rate) and provided a $450,000 line of credit under our exclusive Convertible Commercial Line of Credit Plus(CCLOC+) [pdf]. Subdivision Financing
Del Norte County, CA Our borrower needed financing for development of a 12-lot subdivision in a small town in Northern CA. We provided phased financing to complete the subdivision but also fulfilled on the borrower’s request to provide a sufficient loan term allowing him to either sell lots in bulk or build spec homes. Project Home Construction
Del Norte County, CA We initially financed the Crescent Pines Estates subdivision for this borrower. This is the third home we’ve also financed construction for. The first home is under contract for sale. We anticipate financing construction of homes on all 12 lots in the subdivision. Bridge Financing
Umatilla County, OR Our borrower has a rather unusual property for sale, and wanted to take care of some business obligations by refinancing the property. We took the property for sale along with a leased farm property and funded the his immediate needs without a new appraisal. After obtaining new appraisals, we advanced additional funds. The loan is structured to allow him to sell the subject property when he finds the right buyer. Mid-Project Construction Financing
Humboldt County, CA Our borrower needed short term financing to complete building his primary residence. Construction was already in progress, with much of the cost paid out of pocket. We know the borrower and his construction abilities. In order to help him get his home built before weather made construction more difficult, we financed a short term loan secured by two separate properties that will get his project finished. He'll then refinance with a traditional long term loan. We were able to complete the financing in less than 3 weeks. Golf Community Development
McDowell County, NC We helped a borrower who had a very short window of time to purchase and restart development of a stalled golf community. We worked in partnership with another lender to structure a deal that provided sufficient flexibility for the borrower while taking care of our investors at the same time. Mitigation Property Financing
San Diego County, CA Our loan provided takeout financing and additional funding for the costs necessary to bring this environmental subdivision acreage in Southern California to mitigation land bank stage. We worked closely with the borrower and a number of experts to provide financing in line with the value of the property, while providing sufficient capital for the mitigation land bank reports, processing, and marketing work. When The Bank Can't Help
Tuolumne County, CA This excellent customer of the referring bank needed short term financing on unimproved subdivision land, a type of loan the bank was not making. We made the loan secured by a first on the unimproved land, with a second on a self-storage income property for a total package that fit exactly what they needed. We were also able to meet their requests for flexibility when we funded the loan in less than 30 days. No Need to Refinance
Napa County, CA We had an existing loan that we purchased secured by a building parcel in the Napa Valley with a lovely panoramic view, adjacent to our borrower's winery. When we saw a demand come in on the loan, we gave the borrower a call, and he said that he needed some additional cash out. We were able to provide the additional funding for a modest fee, without requiring a new appraisal, and as quickly as we could exchange information with the title company. Along with some fabulous wine, the borrower told us, "You were a dream to work with." Helping Take Care of Business
Colusa County, CA These farmers are great customers of the banks who referred them to us during a tight cash flow period. This family operation needed transitional assistance with prior year supplier accounts and current year expenses. As we frequently do for many of our loans when our borrower’s needs are pressing, we funded the loan in two stages, designed with the first advance coming shortly after their request and the final advance after the appraisals were complete. Transitional Financing
Jefferson County, OR These farmers had excellent credit and equity in their real estate, but were referred to us because their farm had some losses and their 3-year average cash flow did not meet a bank’s requirements. We were able to look at the upward trend in cash flow and use that as the basis for our financing, providing them the transitional funding they need to even out their cash flow and allows their bank to refinance our loan in a couple of years. Tax Situation Resolution
Kings County, CA We were approached by a law firm that negotiates with the IRS on behalf of clients with serious tax delinquencies. Our security for this loan was unusual in that it contained mixed commercial, industrial and residential usages with somewhat dilapidated buildings, and a lot split in progress. We structured a transitional loan that would allow the borrower to take care of their tax problem, and give them time to divide the property, market and sell it. We worked with this borrower for nearly a year as they negotiated with the IRS and restructured their company. |
