Author Topic: San Francisco small business to be auctioned after banks refuse mortgage due to  (Read 269 times)

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Offline Ptarmigan

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San Francisco small business to be auctioned after banks refuse mortgage due to 'state of the city'
https://www.washingtonexaminer.com/news/business/small-business-san-francisco-auctioned-banks-refuse-mortgage

Quote
A combination antique shop, printmaker, and event venue in San Francisco is expected to be auctioned off next year.

The business, known as BoxSF and owned by Mark Sackett, is hosted in a building that currently has a broken window and its address, 1069 Howard St., is next door to a drug sobering center. Sackett told the San Francisco Chronicle he purchased the building at $1.575 million in 2004, but now cannot be refinanced because as many as 30 lenders have refused to help the existing $2.5 million mortgage.

Sackett expects the building will be sold “at a massive loss” due to six lenders telling him they “are not making commercial real estate loans in San Francisco due to the state of the city.” 

“[San Francisco city officials] don’t even return my calls,” Sackett said. “They care about bike lanes, nonprofits, safe injection sites. … They have just ignored small business . . . I’m just done with San Francisco and the bullsh** here. It’s out of control.”

Banks do not want to loan to business in San Francisco due to its sorry state.
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