|DATE OF FUNDING||1-3-2017|
|GROSS LOAN AMOUNT||$1,200,000|
|LOAN TO VALUE||53.57%|
|NET NOTE RATE||10.85%|
|TERM OF INVESTMENT||24 Months with 6-month Lockout|
$1,200,000 FOR THE CASH OUT REFINANCE OF AN
INDUSTRIAL PROPERTY IN BRISTOL, VA
The borrowers sought $1,200,000 for the refinance of a 109,647 square foot industrial property located on 11.52 acres in Bristol, VA. The property is a recycling facility and is borrower occupied. The loan proceeds will be used to pay down debts and purchase equipment. The recycling business will generate the capital required for the development of a waste to energy business at a recently acquired property in Bristol, TN. Specifically, this facility will convert virtually all recyclable municipal solid waste material (i.e. tires & plastics) into ethanol fuel through the process of thermolysis. The facility will simultaneously meet the need to reduce the volume of fossil fuels mined and extracted for energy by generating renewable fuels as well as reducing the tonnage of material placed in landfills.
The borrowers’ exit strategy is to obtain conventional financing within 18-24 months.