$3 Million Land Acquisition | Red Oak, TX
15th December 2022 · 3 min read
Today’s Deal Spotlight takes us to Red Oak, Texas, and centers on the $3 million acquisition of undeveloped land. Despite looming rate changes and a critical vote on annexation underway, Terrydale Capital efficiently worked towards clients’ goals by locking in rates before any new adjustments were announced.
What We Were Up Against
Our borrowers were presented with a unique challenge – to secure their rate before the Federal Reserve’s announcement, while simultaneously submitting all paperwork for a subject land purchase preceding a closing annexation vote.
What Our Team Helped Turn Around
Through their strategic hard work, Team Terrydale enabled a successful deal closure in an impressive 30 days. The team’s efficient management of documents and quick returns on obtaining third-party reports were helpful in this achievement. Additionally, our borrower’s trust in one of our bank lenders enabled swiftness to close within 10 days after voting at the annexation meeting for related land on the following terms:
- $3,000,000 Acquisition
- Prime + 1.259% Fixed at Closing
- 5-Year Term
- 2-Year Interest Only with Principal and Interest payments Based on 20-year AM.
- 75% LTV
When it comes to commercial real estate financing, Terrydale Capital is the number one partner and advocate an investor can have on their side. We prioritize competitive terms and client success regardless of deal size and complexity and elevate the resources and decision-making processes available to new and experienced investors.
Want exclusive opportunities to boost your current portfolio? Visit terrydalelive.com.
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