Retail Property In San Antonio, TX

Loan Type:
Bridge Loan
Loan Amount:
$11,000,000
Loan Term:
2 YR
Amortization:
Interest Only
Recourse:
Recourse
LTV:
52%

Challenges

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.

Solutions

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.

Nicolas Jans

Money360

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