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Multi-Family Loan - $2,180,000

  • Loan Amount: $2,180,000
  • Property Type: Multi Family
  • Originator: Shawn Harris
  • Interest Rate: 4.90%
  • Location: Tacoma, WA

In this transaction San Diego Commercial & Business Financing was able to facilitate the closing of a complicated purchase transaction.  The buyer had never owned commercial real estate before and he was investing in an out of state property, with an unknown property management company. 

LTV:      65%
Term:    10 year fixed, 30 year amortization/term
Rate:     4.90%
Prepay:  modified yield maintenance

San Diego Commercial & Business Financing is proud to present the funding of this out of state multi-family purchase.  The client had sold several residential properties and through the process of 1031 exchange was purchasing this property in Tacoma, Washington.  The subject property was a brick building, which provided us a substantial challenge.  Additionally, the subject property was two separate parcels, divided by an unrelated property. 

We were ultimately able to get the financing we required on the property, overcoming the brick construction and the separate parcels.  This loan was funded by Shawn Harris, Commercial Loan Officer. 

Shawn Harris has been active in the Commercial Real Estate community in San Diego for over ten years. At CTM Financial Services where he was the President he oversaw the funding of both commercial and residential real estate loans. As a branch manager of Stearns Lending, the largest privately held non-depository mortgage bank in California, he independently operated his own Mortgage Bank, catering to again to both the commercial and residential community.

For the past three years Shawn has focused solely upon the needs of his Commercial Real Estate clients and partners and is the founding partner of San Diego Commercial & Business Services.  By leaving the banking world he believe he can better serve his clients by offering a FULL product offering of loan services.

Please see his LinkedIn profile HERE.

Shawn specializes in finding A+ quality loan products for clients and properties that have trouble finding the appropriate loan placing.  He has successfully placed loans across all asset classes, including multi-family properties, office buildings, retail properties, gas stations, mobile home parks, restaurants, bars, self storage facilities, and auto shops.