Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis to place a loan for the refinance of a multi-tenant industrial warehouse in the South Central U.S.
Property Description
The property is located in a major city submarket and is occupied by three tenants with recently executed leases in place.
Sponsors
The sponsor is an experienced CRE investor with a portfolio worth more than $10M.
Challenges
- Sponsors bought the property within the last year.
- Appraisal came back half of estimated value using income approach.
- Certain documents were not prepared in time to close.
Solutions
- Tauro utilized a lender relationship that was able to get up to 100% LTC / 50% LTV on a perm debt loan.
- Tauro communicated with the lender to accept those documents post-close.
Funding
- Loan Amount (LTV): 100% LTC and 50% LTV
- Interest Rate: 6.75%
- Amortization: 30 Years
- Term: 4 Years
- Prepayment: No Penalty
