Rakesh Modi Secures $1.4M Acquisition Loan For Mixed-use Property In Inglewood, CA

The property involved in this transaction is a mixed-use office/flex building located at 121 South Fir Avenue in Inglewood, CA. It spans a total of 4,100 square feet and sits on a .24 acre lot. The property was purchased for $1,580,000.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $1,580,000
• Lender: Lee Kleinman - Business Finance Capital CDC
• Landlord: Rakesh Modi
• Loan Amount: $1,422,000
• Loan Type: Acquisition

This transaction was made possible through the SBA 504 program, where the bank provided a 50% 1st mortgage and the SBA will provide a 40% 2nd mortgage. The loan terms allowed for the owner-user purchase of the property.