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Passco Secures Funding for Note Program

SANTA ANA, CA-Funds from the $5-million participating note program will be used to acquire additional income properties in California. The properties will then be resold in fractional interests to investors looking to complete 1031 exchanges.

By Erin Cassin | Updated on September 26, 2001

SANTA ANA, CA-Locally based Passco Real Estate Enterprises Inc. has completed funding of its $5-million participating note program, according to a recent company announcement.

The funds will be used to acquire additional income properties in California, which will then be resold in fractional interests to investors in need of completing 1031 exchanges. Purchasers of the note will receive a percentage of profits from properties purchased with note proceeds, according to a company spokesperson. In addition, they will receive monthly interest payments.

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