$4.9MM Land Refinance & Line of Credit | Driggs, ID
Terrydale Capital
Jun 18, 2024 3 Min read
Terrydale Capital has seen nearly every kind of situation under the sun when it comes to deals, which makes us fully prepared to tackle even the most unique cases. When the borrower came to us for a complex financing solution for their property in rural Idaho, we were prepared to spring into action. Today’s Deal Spotlight centers on a successful refinance with an additional line of credit draw for a land asset in Driggs, Idaho.
What We Were Up Against
The borrower came to Terrydale Capital seeking some financing on their land asset in rural Driggs, Idaho. Given both the asset type and the location, we had our work cut out for us at the outset. Additionally, the borrower wanted to both pay off the current bank loan and needed additional funds in order to fulfill the county escrows. At the time, the borrower had a long standing relationship with a national bank and was very wary about changing lenders due to this.
How Terrydale Rose to Meet the Challenge
Our team put on their negotiating hats and were able to successfully negotiate a $2.6MM loan for the land refinance as well as a line of credit of $2.7MM in order to cover the county escrows. Through the process we maintained communication with the borrower and lender in order to navigate closing within an unstable market. Ultimately we were able to secure the following terms:
- $2,640,000 Land Refinance
- $2,768,795 Line of Credit
- 13.99% Interest Rate
- 12-Month Loan Term
- Interest Only
In Closing
Terrydale Capital is posed to tackle any kind of deal that comes through our doors, challenges and all. We pride ourselves on being able to guide our clients, no matter their location, to success and secure the most competitive terms by utilizing our wide breadth of lender and industry connections. When you need a partner to go to bat for your cash-out-refinance, the Team at Terrydale Capital is the right choice, and now it is easier than ever to have the Team in your corner by submitting your deal through Terrydale Live. Contact us 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.
