Experienced Real estate investors and developers were seeking a business purpose purchase loan on these 5 parcels which include 3 SFR’s and 2 Vacant Lots. Borrower plans to build a 5,000 s.f. medical building on 3 of the contiguous parcels. Borrowers have a “Tenant In Tow” that plan to sign a lease on the newly constructed 5k s.f. building once the new property is acquired.
Our subject property comprises 5 parcels (APN’s). The parcels are being sold by a single owner’s children after both parents have now passed away. Subject property has been owned by the Sellers since approx. 1985. The property is situated in the Civic Center area of Santa Ana. The “P” zoning allows for commercial uses including medical buildings. Existing SFR’s use is grandfathered in.