$1MM Land Acquisition | Sebastian, Florida
Terrydale Capital
Jun 13, 2024 3 Min read
In a market where lenders are becoming more and more conservative in their underwriting, especially for land, it has proven more imperative than ever to have the right team beside you to navigate the space. In today’s deal spotlight, we explain how our team did just that as we successfully negotiated on a land asset acquisition while allowing time for back-end work for construction.
What We Were Up Against
The borrowers came to Terrydale Capital in hopes of executing a loan for both the land acquisition and performance of construction for a storage facility. However, in the current market climate, lenders are highly stringent and many are not favorable towards speculative projects.
How Terrydale Met the Challenge
Our team at Terrydale Capital went to work and put on our negotiating hats. We were able to successfully negotiate a short-term land acquisition allowing for the ample time necessary for back-end work for the construction takeout. Additionally we were able to secure no prepayment penalty for an easy pivot. Ultimately we were able to secure the following terms:
- $1,005,000 Acquisition
- 13.00% Fixed Interest Rate
- 12-Month Term
- 45% LTC
In Closing
Despite the difficulty of a speculative development project, our team at Terrydale Capital was able to use our collective knowledge acquired through hundreds of successful deals. No matter the difficulty or simplicity, Terrydale Capital’s commitment to our clients’ success will always put us one step ahead in the process of securing the most competitive financing available. And now it is easier than ever to have access to our team with Terrydale Live. With the full ability to secure financing all online with the full support of our dedicated team beside you, it has never been easier to invest in commercial real estate. Click below to start closing deals today!
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Headquartered in Dallas, Texas, Terrydale Capital is a leader in commercial real estate financing. We have close relationships with the nation’s top banks, lenders & family offices allowing us to provide the most competitive financing solutions in the market.
