The subject property is a 22,000 square foot industrial building with office space located in downtown Redwood City. The bor- rower purchased the property in 2007 with cash for $1,795,000. The entire building is occupied by the borrower’s company; a venture-backed new product development company.
The borrower needed capital to help fund the growth of the company and hire new people. The borrower was able to refinance the loan with a conventional lender and pay off this trust deed investor.