In this transaction we were able to facilitate the purchase of a well run multi-family property located in North Park. Our clients were true “Foreign National” borrowers, having citizenship outside of the US and only allowed to travel to the US on visitor Visa’s.
Term: 5 year Fixed due in 30 Years
Prepay: 5,4,3,2,1 step down
San Diego Commercial & Business Financing is proud to present the funding of our this Foreign National purchase of a Multi-Family property. The client was a citizen of an Eastern European country and had not long term Visa’s in the US (only short term visitor visa’s). We were able to provide market rate financing for this client, far exceeding their expectations. Additionally, to facilitate the unusual nature of this transaction were able to establish a non-recourse transaction for this project with a local banking institution, which is very challenging. We working with local banks to confirm that funds were well sourced and seasoned and met all of United States anti-terrorism and money laundering requirements.
The transaction was funded by Sr. Vice President Shawn Harris.
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.