24-Day Closing! Self-Storage Acquisition and Construction in West Virginia
03 Feb, 2022 · 2 min read
Today’s deal spotlight takes us to a self-storage commercial asset in Berkeley Springs, West Virginia. Situated in a tertiary market, the transaction carried its own set of challenges – ones Team TDC was confident in facing head-on.
What We Were Up Against
Terrydale was contacted late into the loan process and the borrower requested a quick 30-day close. Additionally, tertiary markets are generally riskier, making it difficult for many lending institutions to get comfortable with them.
What Our Team Helped Turn Around
Terrydale quickly laid the groundwork with a subsequent lending relationship while managing communications with the lender and borrower to ensure a smooth back and forth. In just 24 days, we were able to close a competitive high-leverage option that allowed the client to keep a larger amount of equity with the following terms:
- A $6,900,000 Acquisition and Construction
- 9.50% Fixed Interest Rate
- 12-Month Loan Term
- Full-Term Interest Only
- 85% LTC
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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