Borrowers were seeking this Business Purpose Cash-Out loan to payoff existing conventional loan and use the remaining proceeds to fixup property. Borrowers have owned the subject property since 1987.
Subject is a two bldg. 14,563 s.f., single story retail multi-tenant center located in Modesto. The Property sits on a 42,749 s.f. lot with a 4.7/1,000 parking ratio. Subject Property is 100% occupied with approximately $21,925 per month in Gross Rental Income.