|DATE OF FUNDING||2-8-2017|
|GROSS LOAN AMOUNT||$1,768,000|
|LOAN TO VALUE||68%|
|NET NOTE RATE||10.45%|
|TERM OF INVESTMENT||12 Months with 6-month Lockout|
$1,768,000 FOR THE CASH OUT REFINANCE OF AN
INDUSTRIAL PROPERTY IN GROVE, OK
The borrowers sought $1,768,000 for the cash out refinance of an industrial property in Grove, OK. The subject property is owner-occupied and contains 92,750 square feet of rentable area. The borrowers run a battery manufacturing business that has primarily produced dry acid batteries for wind farms nationwide. The loan proceeds will be used to pay down debts and recapitalize the business to fulfill prospective customer orders. Currently, the borrowers are in negotiations with an ETruck business which will produce and service electrically powered semi-trucks.
The borrowers’ exit strategy is to obtain USDA financing within 6-12 months.