$1.9M Bridge: Balloon-Payment Refinance on a Ramona Office/Retail Building
Ramona, CA — A two-story, 24,960 SF multi-tenant office/retail building with recovering occupancy after the downturn — and a maturing private-money note that no bank would refinance. Helvetica funded a $1.9M first trust deed to retire the balloon payment, giving the borrower time to season the income and qualify for conventional financing.
The Borrower's Problem
The borrower had purchased the land years earlier and built the building with a bank construction loan. During the economic downturn, several tenants vacated and the property's value declined. The original lender agreed to a forbearance and later accepted a discounted payoff, and the borrower refinanced the remaining balance with a private-money lender.
When that private loan came due, the borrower faced a hard balloon payment with foreclosure as the alternative. Despite substantial equity in the property, the borrower's broker could not find traditional financing: banks declined the file on the strength of the recent vacancy history and the discounted-payoff legacy in the chain of title, regardless of the collateral.
The Helvetica Solution
Helvetica underwrote the real estate and the borrower's track record rather than the paperwork checklist. The building had meaningful equity, the borrower owned several other income-producing properties, and the credit profile and payment history were strong — a borrower who simply needed 1–2 more years of income seasoning to qualify at a bank.
Helvetica funded a $1.9 million first trust deed at approximately 64% LTV on a 24-month bridge term, retiring the maturing note in full. The term was sized to the borrower's plan: stabilize the rent roll, document the income, and refinance conventionally.
Benefit to the Borrower
- Balloon payment retired in full — foreclosure avoided
- Equity protected without a distressed sale of the building
- 24 months of runway to re-tenant and season the income
- Clear path to conventional bank financing once seasoned
- Approved despite bank turndowns tied to past vacancy history
- Originating broker's client relationship preserved
Deal Highlights
- $1,900,000 first trust deed on a 24,960 SF multi-tenant office/retail building
- Balloon-payment refinance of a maturing private-money note
- Prior discounted payoff with the original bank — banks declined to renew
- ~64% LTV with substantial borrower equity
- 24-month bridge term sized to an income-seasoning plan
- Bank turndown funded with a quick, common-sense closing
Facing a balloon payment your bank won't refinance?
Helvetica funds bridge and refinance loans from $300K–$10M+ on investment and business-purpose real estate, typically closing in 3–10 days following receipt of all requested documentation.
