- Loan Amount: $9,900,000
- Loan Term: 3 Years
- LTV: 45%
Retail Property In Irmo, SC
- Loan Type:
- Bridge Loan
- Loan Amount:
- Loan Term:
- 2 YR
- Interest Only
• This was a purchase loan where the borrower didn’t have enough money coming in to meet its debt service.
• A new anchor tenant was just coming online.
• The Buy Low vacated that anchor tenant spot and a fitness center took its place. They were in the middle of doing TI, but not paying rent.
• It was not stabilized.
• We provided a great loan structure.
• We spoke with the borrower and asked them what they needed. Once we understood the opportunity, we were able to provide the right structure to get the loan funded.
• The borrower gave us their issues so we could structure around them.
• Money360 structured the deal that created an interest reserve to make sure debt service was covered as part of the flexible deal structure.
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