$610K Refinance Bridge: Inglewood Vacant Light Industrial
Inglewood, CA: Long-time owners needed to refinance a building that had gone vacant, and banks would not lend on it. Helvetica funded a $610,000 bridge at 33% LTV that paid off their 2017 Helvetica loan.
The Borrower's Problem
The owners have held the building since 1997. Their existing Helvetica loan from 2017 was coming due. They had paid on time for seven years, but the building was now vacant, and banks will not lend on a vacant building.
The Helvetica Solution
Helvetica funded a $610,000 first-mortgage bridge against a market value of about $1.85 million, a 33% LTV. The loan paid off the 2017 loan in full.
The loan is interest-only for 12 months, with two 12-month extension options at 1 point each, for up to 36 months in total.
Benefit to the Borrower
- Maturing loan paid off without a forced sale
- Financing on a vacant building that banks declined
- Interest-only payments while the space is re-leased
- Up to 36 months of runway through two extension options
Deal Highlights
- $610,000 first-mortgage cash-out refinance bridge
- 33% LTV against a market value of about $1.85 million
- Repeat borrower with on-time payments since 2017
- Hard-corner site one block from Florence Avenue, 1.2 miles from the Hollywood Park stadium district
- Planned exit: conventional refinance once the building is leased
Is your building vacant and your loan coming due?
Helvetica funds bridge and structured loans from $300K–$10M+, typically closing in 3–10 days following receipt of all requested documentation.
