|DATE OF FUNDING||08/08/2014|
|GROSS LOAN AMOUNT||$451,000|
|LOAN TO VALUE||58%|
|NET NOTE RATE||8.95%|
|TERM OF INVESTMENT||24 Months with 6-month Lockout|
$451,000 FOR THE REFINANCE
OF A LIGHT INDUSTRIAL BUILDING IN PUYALLUP, WA
The sponsor sought $451,000 to refinance existing debt due to a balloon that had come due. The balance was used to pay off real estate taxes and loan costs.
The property is a fully leased 2 unit Light Industrial building on a large parcel with excess land totaling 39,794sf, large enough to build another building or to sub-divide and sell. Currently the excess land is being rented for storage. Both units total 10,678sf, plus1320sf of mezzanine. The building is steel framed with corrugated siding and roof. It was built 1980. The property is well located on the outskirts of Tacoma WA and situated blocks away from a busy retail center.
The borrower is an experienced real estate investor.
The exit strategy is to obtain traditional bank financing in the next 13-24 months.