Funding Purpose
Refinance current loan to take advantage of low interest rate environment with cash out proceeds.
Property Description
Single Tenant NNN CVS property located in Los Angeles.
Sponsors
Avid Real Estate Investor who owns a total of 9 Retail properties along with multifamily and SFR.
Challenges
- Only 4.5 years left on the lease.
- Two 50% owners and one of them did not want to guaranty the loan.
Solutions
- Long Term lender relationship gave us the ability to structure a 5 year loan.
- Lender was ok with the personal strenght and guaranty of only one of the sponsor.
Funding
- Loan Amount (LTV): 65% – $5 million
- Interest Rate – 3.50%
- Amortization: – 25 years
- Term – 5 years
- Recourse – 50% Recourse
- Interest Only – N/A
- Prepayment – 2%
