|DATE OF FUNDING||07/01/16|
|LOAN TO VALUE||73.4%|
|EFFECTIVE LOAN TO VALUE||65.3%|
|NET NOTE RATE||8.95%|
|TERM OF INVESTMENT||12 Months|
The borrower sought $360,000 for the refinance of an owner occupied office building in Hawthorne, CA. The building is a 1-story single tenant building which encompasses 2,976 square feet. The site is located on the heavily trafficked Hawthorne Blvd and is roughly ten miles southwest of downtown Los Angeles.
The borrower is an experienced real estate investor and manager with over 15 years of experience. He also owns and operates a home health care agency, Isocare, which currently occupies the premises. Isocare provides in-home skilled nursing and therapy services to home bound patients in the Greater Los Angeles Area.
The borrowers’ exit strategy is to secure SBA permanent financing within the next 6-12 months.
$40,000 of the loan is held by ABLP which effectively reduces the partnership’s next exposure to 65.3% LTV.