SANTA CRUZ, Calif.--()--Santa Cruz County Bank lived up to its advertisements and went outside the box this past August making a $3.15 Million Real Estate loan to long-standing local client Canyon View Capital (formerly, myRetirementASSETS) even though the purchase was for an out of state multifamily property in Springfield, MO.
“The repayment of that loan and Canyon View Capital’s well established reputation in the community made for an easy decision by Santa Cruz County Bank, which typically concentrates only on Santa Cruz County real estate deals”
Canyon View Capital’s CEO Mr. Robert Davidson said, “It’s unusual for a local bank to go out of state on these types of deals, and it reflects their commitment to truly stand behind local businesses. Their support made for a much smoother and easier purchase process for everyone.”
The property, Park Place, is a 152 unit complex at a total purchase price of $4.2 Million. This is a bridge loan at 6.5% and a permanent Fannie Mae loan at 4.25%, due to close in thirty to sixty days.
This isn’t the first time Santa Cruz County Bank has lent a supportive hand to Canyon View Capital with an out of state transaction, having done a similar loan in 2009 for $1.75 Million. “The repayment of that loan and Canyon View Capital’s well established reputation in the community made for an easy decision by Santa Cruz County Bank, which typically concentrates only on Santa Cruz County real estate deals,” said Davidson.
Canyon View Capital, a privately held California corporation, acquires and manages multifamily and commercial real estate for the benefit of its investors. Current holdings total 13 properties with 1683 units and $113M worth of real estate in California, Missouri, Arkansas and Oklahoma. The company seeks to achieve superior purchasing power returns with far less volatility compared to publicly traded debt and equity market indices. Successfully investing since 1980, the company is headquartered in Santa Cruz, CA with regional offices in Springfield, MO. Further information may be obtained at www.canyonviewcapital.com or by calling (831) 480-6335.
Santa Cruz County Bank is headquartered in Santa Cruz, CA and is a full service bank serving the banking needs of individuals and businesses throughout Santa Cruz County. The Bank operates five full-service banking offices and two self-serve banking centers. The Bank's full-service banking offices are located in Aptos, Capitola, Santa Cruz, Scotts Valley and Watsonville. The Bank commenced operations on February 3, 2004 in Santa Cruz. Santa Cruz County Bank's common stock is listed on the Over the Counter (OTC) Bulletin Board under the stock symbol SCZC. More information on the Bank may be obtained at: www.sccountybank.com or by calling 831.457.5000.