Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt on the refinance of a strip mall located in La Puente, CA.
Property Description
The property is a 20-unit strip mall. Fifteen tenants currently occupy 20 of the units, and they pay all expenses except management. The average suite is 2,500 SF.
Sponsors
The sponsor is the widow of a real estate investor who was left commercial real estate assets. Her financials are strong.
Challenges
- The sponsor did not know much about the properties or real estate investment.
Solutions
- Tauro was able to educate her on real estate and provide advice that helped tremendously.
- Funding secured with a credit union that was able to get the sponsor great terms.
Funding
- Loan to Value: 60%
- Interest Rate: 3.75%
- Amortization: 30 Years
- Term: 10 Years
- Recourse: Payment guarantee
- Prepayment: No penalty
