|DATE OF FUNDING||4-28-2015|
|GROSS LOAN AMOUNT||$1,128,800|
|LOAN TO VALUE||68%|
|NET NOTE RATE||8.95%|
|TERM OF INVESTMENT||12 Months with 6-month Lockout|
$1,128,800 FOR THE ACQUISITION
OF A COMMERCIAL RETAIL CENTER IN MIDDLETOWN, NY
The sponsor sought $1,128,800 for the acquisition of a 10,410 SF one-story commercial complex in Middletown, NY. The subject property is located in a rural suburb roughly 50 miles from New York City. The building consists of five tenants: hair salon, Chinese restaurant, veterinarian office, car wash, and car wash supplies store.
The borrower is a first-time commercial property owner with excellent credit, and is waiting for approval for an SBA loan. In its capacity as “bridge” lender, ABLP is enabling the borrower to secure timely financing and thus more importantly the opportunity. The borrower is buying the property as well as the car wash business.
Borrower’s exit strategy is to secure SBA bank financing within the next 6-12 months.