Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place a fixed rate loan to repay an existing loan and fund property improvements.
The property is an outdoor, multi-tenant retail space with 8,500 SqFt of rentable space in Fontana. It’s currently fully leased up.
The sponsor is a real estate investor that has owned the property for a while and would like to make improvements to increase rental value.
- Sponsor wanted max loan to value in order to pull out cash to renovate the property.
- Funding secured with a national bank that was able to offer a loan at 70% of value which gave the sponsor enough proceeds to make the renovations wanted.
- Loan to Value: 70%
- Interest Rate: 5.6%
- Amortization: 25 years
- Term: 10 years
- Recourse: Payment guarantee
- Prepayment: Step-down