|DATE OF FUNDING||5-7-2015|
|GROSS LOAN AMOUNT||$4,500,000|
|LOAN TO VALUE||49%|
|NET NOTE RATE||11.95%|
|TERM OF INVESTMENT||6 Months with 3-month Lockout|
$4,500,000 FOR THE REFINANCE & REHABILITATION
OF A SPORTS COMPLEX IN SUNNYVALE, CA
The sponsor sought $4,500,000 for the refinance and rehabilitation of a long term leasehold for a 49 acre sports complex in Sunnyvale, CA. Located near the serene San Francisco Bay, the sports complex has been family operated since 1983. The business is highly profitable reaching consistent gross revenues upwards of $4 million the past five years.
The borrower took over ownership of the complex from his father in 2010, and sought short term financing to meet county lease extension requirements. Due to the California water crisis, the county stipulated that the borrower must convert the traditional grass fields to synthetic turf fields. The loan proceeds will be used to install the synthetic turf fields, as well as new restrooms and a new entryway to the complex. The introduction of synthetic turf fields will not only reduces maintenance costs and water use dramatically, but will increase revenues and profitability by attracting new business and year round use. The borrower is simultaneously being underwritten for SBA financing with a local bank to exit our loan in 3-6 months.