$3.695 MM Land & Construction Refinance | King’s Mountain North Carolina
Terrydale Capital
Apr 16, 2024 2 Min read
In commercial real estate, unforeseen circumstances always have the capability of rearing their heads to cause havoc on a deal. If you don’t have the right safeguards and preparation in place, deals can struggle to come to fruition. However, when these unforeseen circumstances came to light on a development project, our client had the right team beside them in Terrydale Capital to guide them through.
What We Were Up Against
At the outset, development on the asset was halted due to unforeseen circumstances. At this time, the borrower was seeking to achieve competitive terms on a refinance mid-project while also maintaining the same timelines of the project’s completion.
How Terrydale Met the Challenge
Our team went to work negotiating on the client’s behalf. We were able to successfully negotiate a short-term construction refinance with full-term interest only. Additionally, we were able to secure a larger loan amount for the client’s to draw upon for any additional costs in order to complete the project within the same timeline. Ultimately we were able to secure the following terms:
- $3,695,000 Refinance
- 13.00% Floating Interest Rate
- 2-Year Term
- Full-Term Interest Only
- 65%LTV
In Closing
The unknown can always present its own set of challenges for any commercial real estate investor. As always it pays to have the right preparation and team in tow in order to meet these challenges head on, and Terrydale Capital is always poised to be there. Contact us 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.
