|DATE OF FUNDING||12-6-2016|
|GROSS LOAN AMOUNT||$2,155,135|
|LOAN TO VALUE||67.7%|
|NET NOTE RATE||10.95%|
|TERM OF INVESTMENT||12 Months with 6-month Lockout|
$2,155,135 FOR THE REFINANCE & IMPROVEMENT OF
A YOUTH REHABILITATION FACILITY IN GREENSBORO, NC
The borrowers sought $2,155,135 for the refinance and improvement of a 30,161 square foot psychiatric residential treatment facility for adolescent ages 8 through 19 in Greensboro, NC. The property is well suited as it was previously utilized as an assisted living facility. The loan proceeds will be used to pay off an existing 1st mortgage and improve 2 corridors of the facility. On March 1, 2016 the North Carolina Department of Health and Human Services Mental Health Division licensed the facility for twelve beds. Upon completion of renovations of the three unfinished wings the State of North Carolina will license the facility with an additional eighteen beds bringing the total facility occupancy to thirty beds. There is also a 2,000 square foot duplex located on the property.
The borrowers’ exit strategy is to obtain SBA financing within 12 months. The borrower has been prequalified with an SBA lender.