Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place a loan for the refinance of a 135-spae RV Park and Campground in Valley Center, CA.
Property Description
The asset was purchased by the sponsor in 2017. Solar improvements are planned for the site. It’s located in a popular camping area near nature and casinos.
Sponsors
The sponsor has strong financials and a strong business sense for running the park. He’s implemented a thorough background check to keep turnover at a minimum.
Challenges
- This type of asset is not typically found in most lenders’ wheelhouses.
Solutions
- Funding secured with a major bank that was able to provide great terms due to the sponsor’s background and Tauro’s thorough analysis and due diligence processes.
Funding
- Loan to Value: 65%
- Interest Rate: 4.00%
- Amortization: 30 Years
- Term: 10 Years
- Recourse: Non-recourse
- Prepayment: Step-down
