Funding Purpose
Bridge loan secured by entitled land for working capital purpose to facilitate venue reopening after forced Covid closure.
Property Description
6.11 acres of excess entitled land of larger 15 acre parcel, situated in an opportunity zone. Property is zoned and entitled for mixed use retail/multifamily development.
Sponsors
Experienced developer and operator of multi location family entertainment venues.
Challenges
- Covid Forced Temporary Closure
- Las Vegas Land
Solutions
- Emphazied Sponsor Pre Covid Tranck Record
- Emphazied Op Zone Status
- Structure 50% Payoff On Sale of Excess Land
Funding
- Loan Amount (LTV): $2.500.000
- Interest Rate: 9%
- Amortization: Interest Only
- Term: 12Mo + 1×6 Mo Option
- Recourse: None
- Interest Only: 12Mo
- Prepayment: 6 Mo Interest
- Term: 24- Month hold
