Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place a bridge loan for the lease-up and stabilization of a retail property.
Property Description
The property is a six-unit retail site in Bakersfield, CA. The proceeds will be used to continue the lease-up and help keep the movie theater operating.
Sponsors
The sponsor is a boutique movie theater company that caters to a Latinx audience. The company owns additional movie theater and retail sites as well.
Challenges
- The sponsor was looking to get a bridge loan quickly as their lease-up process was delayed by a commercial agent and then COVID-19.
Solutions
- Funding was secured through a hard money lender that offered flexible terms and a fast close allowing the sponsor to resume work on the lease-up.
Funding
- Loan-to-Value: 55%
- Interest Rate: 10.35%
- Term: 12 Years
- Recourse: Non-recourse
- Interest Only: 12 Months
- Prepayment: No penalty
