About this Property in San Diego, CA – Bridge Refinancing

The borrower owned a vacant retail property in Hillcrest with strong multifamily development potential and planned to list the property for sale. The existing private lender needed to be repaid and was unable to extend the loan, creating a time-sensitive refinancing need. Enact Partners provided a 6-month bridge loan to refinance the existing lender and give the borrower time to execute the sale. The loan included a full interest reserve to reduce monthly carrying obligations and no prepayment penalty, allowing the borrower to sell when the timing is right.