Rosemead Bridge Loan

The Rosemead Bridge Loan was funded November 14, 2014 on behalf of Preface in order to purchase a site located at 9048 Garvey Avenue, Rosemead, CA. Preface obtained an approved Tentative Tract Map for 48 townhomes while under contract with the owner and planned to sell the site with approved map to a public builder in a double escrow transaction. While in escrow the public builder attempted to secure a large price reduction. Preface reached out to Kraemer Land Company for a bridge loan to purchase the land in order to take the project back to market and secure a higher price. Preface was able to subsequently sell the project to Benchmark Communities, secure a higher price, and fully repay the bridge loan.