Guardrail Finance recently arranged and closed a bridge loan through a banking relationship on fully entitled land for a future condominium development in the San Francisco Bay Area.
The property is fully entitled, so there were a number of interested lenders. There were two challenges with the loan – the first is that it is land (albeit entitled) and the second is that there will likely be changes to the existing entitlements that could take time to realize during the pandemic. The plusses with the loan are that the site is a superb in-fill San Francisco Bay Area site, there are options about what to develop on the site in the future, and the developer is experienced.