In this transaction San Diego Commercial & Business Financing was able to facilitate the payoff of a landmark Downtown San Diego property. This property is the home to downtown icon restaurant/bar Nicky Rottens, and upstairs housed SRO (single room occupant) tenants.
LTV: 68%
Term: 7 Year fixed loan, Amortized and due in 30 years
Rate: 5.41%
Prepay: step down
San Diego Commercial & Business Financing is proud to present the funding of this Landmark Downtown San Diego Property. The owner was unable to procure financing on his own and was turned down by multiple local banks. This property was a brick building which caused substantial challenges to most banks. Additionally, the mutli family portion of the property was entirely Single Room Occupants, which is a non-standard asset class that other lenders would not fund. Finally, the restaurant portion of the property created the majority of the income for the building, which again, most traditional lending sources would not fund.
The transaction was funded by Sr. Vice President Sam Petros.