Closed A Pasadena Purchase Using Equity From Another Property
Service:
Loan Strategy
Client:
Cross-Collateralization Loan
Funded:
4 weeks
Date:
"GlassBox Lending and Peter Steigleder delivered creative financing when the banks couldn’t step up."
John R.
Real Estate Investor
The Challenge
Structuring a Creative, Collateral‑Driven Financing Solution
The buyer was purchasing a $2,650,000 commercial property in Pasadena, CA, but only had a 20% down payment, which was not enough for bank approval. The bank also rejected the property due to significant deferred maintenance. Without additional capital or lender flexibility, the buyer could not complete the acquisition.
Our Approach
Structuring a Creative, Collateral‑Driven Financing Solution
1. Cross‑Collateralized to Increase the Down Payment
Leveraged the borrower’s additional investment property as collateral.
Provided $1,000,000 in supplemental funds to bridge the down‑payment gap.
2. Underwrote the Property Beyond Its Current Condition
Assessed the oversized land parcel for future redevelopment potential.
Confirmed the land value sufficiently secured investor capital despite deferred maintenance.
3. Analyzed Cell Tower Income for Additional Stability
Reviewed the two existing cell tower leases on the property.
Recognized that the leases could be sold for approximately $800,000, strengthening the collateral position.
4. Delivered a Customized Bridge Loan the Bank Couldn’t Match
Approved financing based on real estate value, not borrower liquidity.
Enabled the client to move forward confidently with the purchase.
Video Presentation
The Best-Dressed Lender says…
The Results
Financing Built on Collateral Strength, Not Borrower Limitations
Funded $2,120,000 toward the $2,650,000 commercial purchase.
Structured a 36‑month term, allowing ample time for repositioning and stabilization.
Strengthened collateral with a cross‑collateralized investment property.
Counted two existing cell tower leases as $800,000 in supplemental security.
Closed the deal despite deferred maintenance concerns that halted traditional bank financing.
Testimonial
"GlassBox Lending made this entire purchase possible. My bank denied the loan because I didn’t have enough liquidity for the down payment and the property needed too much work. Peter Steigleder — the Best Dressed Lender — stepped in with a creative cross‑collateralized solution that gave me the extra capital I needed. He also understood the value of the land and the cell tower income when others overlooked it. I’m truly grateful for their expertise, speed, and willingness to think outside the box. This deal would not have happened without GlassBox Lending."
John R.
Real Estate Investor
