$9.9 Million | Retail
- Loan Amount: $9,900,000
- Loan Term: 3 Years
- LTV: 45%
• The borrower had a cross collateral maturing CMBS loan they needed to refinance.
• The biggest challenge was timing on the sale of the property that was not included in the loan with Money360.
• The sale date needed to be the same day as the loan funding.
• Money360 was able to help refinance the maturing CMBS loan and a related unsecured loan from a bank.
• The subject property consists of a 143,654 sq ft mixed use center in San Antonio, TX.
• The property was cross collateralized with another property owned by the borrower. The cross collateralized asset was also a part of the borrowers maturing CMBS loan, but it was not included in the Money360 loan. We couldn’t close this loan until the borrower sold the cross collateralized property.
• The borrower needed future funding (flex money) for tenant expansion and relocating other tenants.
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