|DATE OF FUNDING||08/08/2014|
|GROSS LOAN AMOUNT||$1,768,000|
|LOAN TO VALUE||68%|
|NET NOTE RATE||8.95%|
|TERM OF INVESTMENT||24 Months with 6-month Lockout|
$1,768,000 FOR THE REFINANCE
OF A COMMERCIAL RETAIL CENTER IN STAYTON, OR
The sponsor sought $1,768,000 primarily to refinance the current bank debt on a retail center located on 1st Ave., in Stayton, OR. The balance was used to pay off a divorce settlement and real estate taxes. The borrower needed to close quickly to take advantage of a discounted payoff for the divorce settlement. This is the same owner that also refinanced the Salem OR retail property on Commercial St.
The property is a fully leased 4 unit Commercial Strip Center with an additional building which is a drive through restaurant in excellent condition. Both buildings total 10,197sf and were built in 2005. The location is in an established, built up secondary highway commercial corridor in Stayton. The area enjoys strong appeal for businesses geared toward local residents and good linkages via state highways to Willamette Valley metro areas. The market area outlook is positive.
The borrower is owned and run by an experienced real estate broker, manager and developer with 25 years’ experience. Borrower financials are strong with excellent net worth and liquidity.