The client came to us in need of financing the write down of existing debt on his 58,000 sq ft multi-tenant office building in Sacramento, CA. His existing note holder agreed to take a payoff of $2,500,000. We agreed to a new 1st TD of $2,000,000 and offered the bank a 2nd TD of $500,000. After the bank accepted our offer, we created a Special Purpose Entity for the borrower in one day, specific for this transaction. We paid off $200,000 in defaulted taxes, and funded a new loan of $2,300,000. We were able to fund in 16 days with a rate of 11.5% at 63% Loan to Value.