Deal Spotlight- April 22nd, 2021

Today’s deal spotlight takes us to A-1 Self Storage in Houston, TX. This was a particularly challenging assignment, as we navigated SBA and Conventional financing options during COVID and surge in PPP loans during this transaction.
 

What We Were Up Against

Exploring SBA options during COVID and lender PPP loans exposed numerous timing obstacles which did not accommodate our Purchase Contract deadlines. We pressed our SBA resource daily for updates, new action items and any details that could expedite the process. The volume of PPP loans and the shortage of staff due to COVID in their office had a negative impact on all communication and progression of this deal.

What Our Team Helped Turn Around

Our goal is to provide the most competitive financing options available to our clients. At times, certain loan products may not be as attractive, similar attractive level or more attractive based on the current lending environment. Keeping this in mind, we were able to track down a lending resource that could provide a comparable lending product to the SBA terms on the table.
The Terrydale team put all hands-on-deck to provide any diligence, underwriting and sponsor information possible to expedite the approval process. We successfully closed this transaction without using SBA for the following:

  • $2,300,000 Loan Amount
  • 70% LTV
  • 4.25% Rate
  • 5-Year Term
  • 25-Year Amortization

The team at Terrydale Capital consistently goes above and beyond to secure the best possible refinancing terms for our clients. Are you dealing with issues related to market volatility during COVID-19? Worried about high fees and missing out on better options? We have ways to help. Give us a call and see what we can do for you.

Your Success is our Priority!

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