Funding Purpose
Clients purchased NNN properties prior to CofO and used accelerated depreciation to limit capital gains tax on a company they sold.
Property Description
Newly built 7/11 properties in rural locations.
Sponsors
Two partners that sold out of a manufacturing company and were looking to purchase NNN properties out of state.
Challenges
- Needed to close financing prior to Certificate of Occupancy
- Rural Location
Solutions
- Closed with a bank that we’ve worked with previously
- Strong credit borrower
Funding
- Loan to Value: 50%
- Interest Rate: 6.04%
- Amortization: 25 years
- Term: 5 years
- Recourse: Full recourse
