|DATE OF FUNDING||03/31/16|
|LOAN TO VALUE||68.0%|
|NET NOTE RATE||8.50%|
|TERM OF INVESTMENT||24 Months with 6-month Lockout|
The borrower sought $5,100,000 for the refinance and improvement of a single tunnel automated car wash with an additional 14,055 sf of office and retail space in Mesa, AZ. ABLP financed half of this loan totaling $2,550,000.This popular car wash is well maintained and is located at a very busy intersection with 3 lanes of traffic in all directions.
The borrower is an experienced car wash owner and operator in the Phoenix area. Currently, the borrower operates two other car wash facilities in the surrounding area. He intends to use these loan proceeds to refinance an existing loan and to finish tenant improvements of the property.
The borrowers’ exit strategy is to secure SBA financing within the next 6-24 months.