|DATE OF FUNDING||10-15-2014|
|GROSS LOAN AMOUNT||$2,380,000|
|LOAN TO VALUE||68%|
|NET NOTE RATE||8.95%|
|TERM OF INVESTMENT||24 Months with 6-month Lockout|
$2,380,000 FOR THE REFINANCE
OF A SERVICE STATION AND CONVENIENCE STORE, EUGENE, OR
The sponsor sought a $2,380,000 loan for the refinance of a Chevron Branded Service Station and Convenience Store in Eugene OR.
The subject property is a Chevron Service Station with 11 double sided multi product fueling dispensers with a total of 38 pumps providing 11 fueling positions in 4 alleys. The land area is 52,272sf with a 3,830sf Convenience Store.
The site is situated in an excellent location in the middle of a regional retail center which includes Walmart, Home Depot, Dicks Sporting Goods and Market of Choice as anchor tenants and numerous smaller national tenants such as Starbucks and a Guitar Center. Traffic flow in the area is very busy but still allows easy access to the various retail locations.
The borrower is an experienced Service Station operator and built the subject property in 1997. Gross Sales average $7-8,000,000 per year.
The exit strategy is to obtain conventional financing either through SBA or conventional loan within the next 24 months.