|DATE OF FUNDING||6-07-2017|
|GROSS LOAN AMOUNT||$3,346,960|
|LOAN TO VALUE||68%|
|NET NOTE RATE||9.95%|
|TERM OF INVESTMENT||24 Months with 6-month Lockout|
$3,346,960 FOR THE REFINANCE OF A
RETAIL STRIP CENTER IN NORCROSS, GA
The borrowers sought $3,346,960 for the refinance of a 21,759 square foot retail strip center in Norcross, GA. This property has 13 tenants and is physically 100% occupied with rent escalations and long-term tenants. The property benefits from high visibility and traffic flows.
The borrower experienced some business interruption during the market downturn with two other business ventures. The drain from those ventures caused credit difficulties and the borrower sold those businesses. The exit strategy is to improve credit and to obtain conventional or SBA financing within 6-18 months.