|DATE OF FUNDING||10-22-2019|
|GROSS LOAN AMOUNT||$2,050,000|
|LOAN TO VALUE||45.56%|
|NET NOTE RATE||8.95%|
|TERM OF INVESTMENT||24 months|
$2,050,000 FOR THE PURCHASE OF AN ADULT RESIDENTIAL CARE FACILITY IN LYNWOOD, CA
The borrower sought $2,050,000 for the purchase of an adult residential care facility in Lynwood, CA. The subject property is valued at $2,900,000 and the borrower provided two additional properties as collateral for the loan, valued at $1,600,000 together. The borrower has good credit and extensive experience operating adult residential care facilities. The borrower plans to renovate the property, increase revenue, and stabilize. The property includes 21,344 square feet on 0.49 acres with 35-units and is licensed for 68 beds. The borrower’s exit strategy is to secure Small Business Administration financing within the next 24 months.