|DATE OF FUNDING||12-28-2016|
|GROSS LOAN AMOUNT||$867,000|
|LOAN TO VALUE||68.0%|
|NET NOTE RATE||9.70%|
|TERM OF INVESTMENT||24 Months with 6-month Lockout|
$867,000 FOR THE CASH OUT REFINANCE OF A
LIGHT INDUSTRIAL PROPERTY IN MENTOR, OH
The borrowers sought $867,000 for the refinance of a 67,000 square foot light industrial property in Mentor, OH. The majority of the loan proceeds will be used to pay down debts and recapitalize the business to fulfill existing customer orders.
The property’s current tenant is Air Technical Industries, a leading manufacturer of automated equipment. Their product line of over 2,000 models includes hydraulic lift tables, maintenance lifts, floor cranes, fork trucks, jib cranes, etc.
The borrowers’ exit strategy is to obtain conventional financing within 18-24 months.