DEAL SPOTLIGHT
Single-Tenant Retail Acquisition in McKinney, Texas
Terrydale Capital
18 Nov, 2021 · 2 min read
Today’s deal spotlight centers on the acquisition of a single-tenant retail property in McKinney, Texas, valued at $1,675,000. Our client wanted terms that were extremely challenging on a loan of this, but Team TDC set out to make it a reality.
What We Were Up Against
Our client was seeking an interest rate in the 3.00s% with a flexible prepayment penalty, which was a difficult task. A new survey was also needed for the property.
What Our Team Helped Turn Around
After negotiating with the seller to cover half the cost of the survey, we quickly moved to negotiate a more flexible prepayment structure with the lender. Through managed communication to ensure a timely close amidst market uncertainty, we finally secured a deal that would allow our client to move forward on the following terms:
- $1,172,000 Loan
- 3.55% Fixed Interest Rate for Years 1-5 / 5 Year SWAP + 2.75% for Years 6 – 10
- 10-Year Loan Term
- 25-Year Amortization
- 60% LTV
In Closing
For the best chance of closing a real estate financing deal on your terms, look no further than Terrydale Capital. Our team consistently goes above and beyond to secure the best possible refinancing terms for our clients amidst lending restrictions, market volatility, and a lack of experience. Whatever you need, we close the gap.
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