Funding Purpose
Permanent Acquisition loan in order to purchase a NNN Shell Gas Station to add to the sponsor’s real estate portfolio
Property Description
Shell Gas Station located in Orange County with a 4,000 square foot retail building on the property
Sponsors
Real Estate Investor out of Southern California. Strong borrower with a lot of liquidity
Challenges
- Appraisal process took longer than normal
- Environmental studies needed based on the property type
Solutions
- Proactive communication and diligent follow-ups were key in keeping everything on track
- Closed with a major institutional bank that provided terms better than what were originally requested
Funding
- Amount (LTV): 50%
- Interest Rate: 3.66%
- Amortization: 30 Y
- Term: 10 Y
- Recourse: Full
- Prepayment: None
