Funding Purpose
Permanent Acquisition loan to acquire a single-tenant office building that was occupied by Spectrum Mobile and used as their call center.
Property Description
Spectrum office building located in a city in the Southwestern US. The property is approximately 40, 000 square feet in a retail-heavy area.
Sponsors
Texas Real Estate Investor with years of experience in multifamily and office buildings looking to add to his portfolio
Challenges
- Delayed closing process.
Solutions
- worked with the lender to keep the closing process moving.
- Closed with an institutional credit union getting the client a low interest rate on a larger loan.
Funding
- Loan Amount (LTV): 65%
- Interest Rate: 3.35%
- Amortization: 30
- Term: 7
- Recourse: Full
- Prepayment: None
