|DATE OF FUNDING||12/20/19|
|GROSS LOAN AMOUNT||$1,950,000|
|LOAN TO VALUE||48.75%|
|NET NOTE RATE||8.95%|
|TERM OF INVESTMENT||6 Months|
$1,950,000 FOR THE PURCHASE OF A AUTO SALES CENTER IN MORROW, GA
The borrower sought $1,950,000 for the purchase of Auto Sales Center in Morrow, GA. The subject property was purchased for $3,400,000. The borrower had a prior relationship with Hertz Auto Sales and was able to secure a 10 year NNN lease prior to closing, thus creating immediate equity and an increased property value totaling $4,000,000.The borrower has excellent credit and extensive experience with commercial real estate investing. The property includes 25,505 square feet on 3.02 acres and includes 9,865 square foot of Showroom/Office space and 15,640 Square feet of Service/Parts space. The borrower’s exit strategy is to secure Institutional financing within the next 6 months.