|DATE OF FUNDING||6-13-2017|
|GROSS LOAN AMOUNT||$1,275,000|
|LOAN TO VALUE||66%|
|NET NOTE RATE||8.75%|
|TERM OF INVESTMENT||12 Months with 6-month Lockout|
$1,275,000 FOR THE ACQUISITION AND CONVERSION OF A SINGLE-FAMILY RESIDENCE INTO AN ASSISTED LIVING FACILITY IN TULARE, CA
The borrowers sought $1,275,000 for the acquisition and conversion of a 4,563 square-foot 5-bedroom, 3-bathroom single-family residence on over two acres into an 8-bedroom 5-bathroom assisted living facility in Tulare, California. Once complete, they will have a maximum capacity of 16 beds. This loan is cross-collateralized with another loan, “Visalia,” for a total combined loan of $3,575,000.
The borrower is a registered nurse who has owned and operated assisted living facilities since 2000. She is focused on developing high standards of practice, evaluating patient care for effectiveness and implementing necessary changes to programs and policies while retaining a home-like environment.
The borrower’s exit strategy is to obtain conventional financing within 6-12 months.