Deal Status

Active

Property Address

Clearfield Utah

Requested Loan Amount

$2,100,000.00

Loan to Value

55%

Loan Term

12 months

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Collateral and Loan Details

Commercial Property Type

Industrial

Industrial Property Types

Warehouse

Cannabis Business

No

Number of Units

1

Current Occupancy

Owner Occupied

Current Occupancy Percentage

100

Loan Type

Acquisition

Square Footage

5,583

Has property been located?

Yes

Preferred Closing Date

03/16/2019

Purchase Price

$500,000

Purchase Contribution

$1,600,000

Purchase Contribution Source

Equity in Subject Property

Purchase Plan

Occupy It

Lot Size

3.97 acres

Will additional properties be collateralized?

No

Borrower Entity

LLC

Borrower Credit Rating

Poor

Comments

Borrower is exercising his option to purchase the property and pay off the outstanding balance of $500k. Purchase must be completed before a 49% merger whereby the company will be receiving a significant capital injection to perform on minting contracts.


Another commercial warehouse with $900k in equity can be used for cross-collateralization if needed.

First Name

Kevin

Last Name

Stillman

Phone Number

(515) 650-1914

Company

iSource Lending

Role

Mortgage Broker

Location

West Des Moines, Iowa

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