DEAL SPOTLIGHT

April 8th, 2021

Today, we’re taking a look at a loan request on a property that was a former auto-dealership turned office space

Gregory Gali

8 April, 2021 · 5 min read

Today, we’re taking a look at a loan request on a property that was a former auto-dealership turned office space. This property is part-tenant/part-owner occupied and the neighborhood is transitional with significant construction in the immediate area.

What We Were Up Against

The property’s location has previously been a very underserved area in the market, resulting in many lenders being hesitant to provide competitive financing. The Title Commitment showed several liens that needed to be cleared before close. The nature of the property also made it challenging to locate sales comparables for the Appraiser/Lender.

What Our Team Helped Turn Around

TDC successfully aligned a Lender after setting up an onsite meeting with all parties to discuss the vision. Additionally, the team worked closely with the Title Agent and Appraiser to locate previous lien holders for lien removal and provide comps to support the loan value. By close, we had the following terms:

  • 70% LTV
  • 4.25% Interest Rate
  • 5-Year Loan Term
  • 20-Year Amortiztion

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.

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