Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the refinance of an industrial asset in the southeastern US.
Property Description
The property consists of 36,000 square feet with a value of roughly $6M. The multi-tenant industrial building consists of 3 units.
Sponsors
Family office of experienced real estate investors.
Challenges
- Had to compete with their relationship lender that was able to provide a lower rate based on deposits.
- Only had 40 days to close.
Solutions
- Utilized a strong lender relationship of Tauro’s to get 2 years of Interest Only and no prepayment penalty increasing cashflow with the higher rate and allowing them to exit in 1-2 years with no penalty.
Funding
- Interest Rate: 7.27% Fixed
- Interest Only: 2 Years
- Term: 10 Years (5+5)
- Amortization: 30 Years (after IO period)
- Prepayment: No Penalty
- Close Date: 3/25/2024
