Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis to source acquisition financing for a LuLu’s Car Wash in the Southeast, U.S.
Property Description
This location consists of a brand new NNN lease with LuLu’s Car Wash as the tenant.
Sponsors
The sponsor is a seasoned NNN developer who has developed over 150 projects and owns multiple NNN assets as well.
Challenges
- Sponsor had to close by end of year
- Had to find a lender who could close in 3 weeks
- Had to find a lender comfortable to fund while under construction
Solutions
- Tauro beat the sponsor’s relationship lender by 0.50% on the rate and 1 less point on origination fee
- Tauro found a lender that was able to close in 3 weeks
Funding
- Loan-to-Value: 70%
- Interest Rate: 9.50%
- Amortization: N/A
- Term: 16 Months
- Prepayment: N/A
