|DATE OF FUNDING||1-30-2017|
|GROSS LOAN AMOUNT||$2,300,000|
|LOAN TO VALUE||54.61%|
|NET NOTE RATE||8.75%|
|TERM OF INVESTMENT||12 Months with 6-month Lockout|
$2,300,000 FOR THE CASH OUT REFINANCE OF AN
ASSISTED LIVING FACILITY IN VISALIA, CA
The borrowers sought $2,300,000 for the refinance with tenant improvements of an assisted living facility in Visalia, CA. The facility consists of two existing care buildings, with a separate adjacent single family residence (previously occupied by the borrower). The facility has a maximum capacity of 27 patients. The borrower plans to increase cash flow by adding 6 additional units through the conversion of the on-site residence. This loan is cross collateralized with another loan, “Tulare” for a total combined loan of $3,575,000.
The borrower is a registered nurse who has owned and operated the facility 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 borrowers’ exit strategy is to obtain conventional financing within 6-12 months.