Buchanan Mortgage Holdings, LLC provided a $7.7 million, non-recourse bridge loan for the acquisition and repositioning of a 98% occupied, 100,800 SF light industrial property located in Lemoore, California. The sponsor’s business plan includes recording a commercial condo map and selling individual units. Due to the sponsor’s extensive experience executing similar business plans throughout California, Buchanan Mortgage Holdings, LLC was able to provide a flexible loan structure with holdbacks to fund capital improvements, condo map pursuit costs and carry costs, in addition to allowing for partial releases of collateral as individual units are sold.
