$8.8M Land Loan Refinance | Salado, Texas
Terrydale Capital
Aug 11, 2022 3 Min read
Today's Deal Spotlight centers around the closing of a land refinance loan that's valued at $8.82 million. Located in Salado, Texas, the land deal was finalized with a WSJ prime + 1% interest rate. Despite closing the deal on time, there were several obstacles along the way that the team at Terrydale Capital was tasked with navigating.
What We Were Up Against
The primary challenge for this land refinances deal involved fluctuating terms for the loan due to the market and delayed communication throughout each stage of the process. As a result, the first loan request was denied by the Credit Committee.
What Our Team Helped Turn Around
The obstacles that arose during the loan process required Team TDC to make some notable adjustments to the deal to ensure that it adhered to the legal requirements the lender was seeking. Once the deal was restructured, the loan was fully approved by the lender with fair terms.
The interest rate that was affixed to this land refinances deal was set at the WSJ prime rate + 1%. We were able to offset the usual loan costs by securing the loan with a no prepay penalty option as well as interest-only terms. Team TDC closed on this deal with the following terms:
- A $8,822,684 Loan Acquisition
- WSJ Prime + 1% Interest Rate
- 5-Year Loan Term with Two Years Interest Only + 1 Year Extension
- No Prepay Penalty
In Closing
Terrydale Capital has been a leader in the commercial real estate financing industry for many years. Our goal is to be the top advocate for any investor who requires our services. Over the years, we've built closer relationships with many of the top lenders, banks, and family offices in the U.S., which gives us the ability to deliver competitive financing terms that rival or beat anyone in the market. Regardless of the complexity and size of a commercial real estate deal, our team places client success as its top priority.
Want first access to active opportunities and a preferred investor status? Check out www.terrydalelive.com.
Partner With Terrydale Capital for Your Debt Financing Needs
When it comes to debt financing, understanding the right timing, process, and options is crucial. At Terrydale Capital, we provide a comprehensive range of commercial loan solutions tailored to meet your business's unique needs.
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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.
