Funding Purpose
Tauro was engaged to place a bridge-to-sale loan for the refinance of a mixed use property.
Property Description
The property is in a prime location in Torrance, CA and consists of three retail buildings. Property is under contract to sell in mid 2022.
Sponsors
The sponsor has had this property in his family for over 6 decades. He’s partnered with a development company to help him capitalize on the property’s value.
Challenges
- Sponsor looking to get a bridge loan with good terms while the property is in escrow.
Solutions
- Funding from a direct portfolio lender that specializes in these niche loans giving the sponsor his desired outcome.
Funding
- Loan to Value: 41%
- Interest Rate: 5.5%
- Term: 18 months
- Recourse: Non-recourse
- Interest Only: 18 months
- Prepayment: Minimum interest
