Aug 18, 2022 3 Min read
This week's deal spotlight focuses on an acquisition loan for a multi-tenant retail asset in the amount of $2.9 million. Located in McKinney, TX, this property was purchased with a loan that featured a low 4.9% interest rate fixed for five years. The loan itself has amortized over 25 years.
What We Were Up Against
During the loan process, several obstacles presented themselves, the primary of which was that the client Team TDC represented had a strict closing deadline, which further reduced the amount of time we had to deal with additional challenges.
Along with the strict deadline, we were tasked with ensuring that the client could obtain a high loan amount to finalize the deal. While the closing process was ongoing, we discovered that three of the four sponsors involved with the deal needed to leave the country shortly, which added a new degree of difficulty.
What Our Team Helped Turn Around
Terrydale Capital used several strategies to overcome the obstacles in our path. When taking the strict timeline into account, Team TDC arranged for the lender to complete the entirety of the loan process expediently. We were also able to reach an agreement with the lender to facilitate a loan-to-value ratio of as much as 80% when taking closing costs into account.
Once we discovered that several sponsors had to leave the country, our team worked together with all legal teams to make sure that every facet of the closing process was prepared before departures were made, and here’s what we accomplished:
At Terrydale Capital, our team works hard to help each client close commercial real estate deals on their terms. Regardless of the deal's current market conditions or complexity, we can assist you throughout every step of the loan process to secure the financing you require. Call us today to learn more about what we offer here at Terrydale Capital.
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