Funding Purpose
Clients were purchasing four industrial properties and renovating them to operate their ghost kitchen facilities. The loan was to acquire and renovate.
Property Description
Industrial buildings in Santa Ana, San Diego, Phoenix, and more.
Sponsors
Sponsorship group consisted of 7 individuals who have vast knowledge/experience with Ghost Kitchens as well as real estate development.
Challenges
- Not many lenders are familiar with the ghost kitchen model
Solutions
- Educating the lender on the model, as well as explain the vast experience of our sponsors
Funding
- Loan Amount (LTV): $12,500,000 (70% LTC)
- Interest Rate: 8.50%
- Term: 24 Months
