Carl’s Jr. & In-N-Out Burger – Cash-Out Refinance

Southern, US


Funding Purpose

Our client had a family trust which owns a variety of QSR (Quick Serve restaurant) locations. Tauro helped to refinance two of those locations: In-N-Out in Texas and Carl’s Jr. In California.

Property Description

Two single-tenant net-leased properties with strong credit tenants.


Family Trust who owns various retail properties in major MSA’s across the lower 48 states.


  • Complicated ownership structure
  • Two properties in two different states
  • 10 years of Interest-only
  • We also got a much more favorable prepayment structure which burned off completely after 5 years


  •  Creative and flexible local bank loan
  •  Provided competitive pricing, full term interest-only, and release provisions should they choose to sell 1 of the two assets


  • Loan Amount (LTV) 
  • Interest Rate – 4.45% (2.75% over the 5 year treasury in 2019) fixed for 5 years, then re-fixing at same spread but not to exceed 4.95%
  • Term -10
  • Recourse – springing based on tenant’s remaining open for business
  • Interest Only -10 yrs

Managing Director  | Capital Advisor