Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the acquisition of a retail property located in the Southeastern US.
Property Description
The asset is a retail property at which Wendy’s holds an absolute NNN lease. They have 18 years left on the lease, and it’s in a central location.
Sponsors
The sponsor is a single woman who was looking to acquire a property that would generate cash flow allowing her to have more independence.
Challenges
- The borrower had no income and had not filed any taxes for over 10 years.
- Short timeline for 1031 closing date.
Solutions
- Funding was secured with a bank located near the property that was able to give the sponsor the terms she needed to acquire this property and also provide a non recourse loan.
Funding
- Interest Rate: 4.25%
- Amortization: 25 years
- Term: 10 years
- Recourse: Non-recourse
