Deal Status

Active

Property Address

7901 El Dorado Parkway

McKinney, Texas

75070

Requested Loan Amount

7000000

Loan to Value

75

Loan Term

12

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Commercial Property Type

Retail

Retail Property Types

Street Retail

Cannabis Business

No

Number of Units

5

Current Occupancy

Tenant Occupied

Current Occupancy Percentage

82

Loan Type

Refinance

Square Footage

16800

Current Market Value

9200000

Existing Mortgages

  • 1st

Mortgage 1 Balance

3000000

Equity Cash Out

Yes

Equity Cash Out Purpose

Improve Subject Property

Equity Cash Out Details

The General Partner will be buying out his silent partners and refinancing an existing bank loan.

Appraisal

Yes

Appraisal Date

03/16/2020

Lot Size

4

Will additional properties be collateralized?

No

Borrower Entity

LLC

Borrower Credit Rating

Excellent

Comments

The sponsor is an experienced developer and commercial real estate investor with a strong personal net worth and good credit. This request is to refinance existing bank term debt and to pay off partners. The property is currently about 82% occupied with new leases in process to get it up to 100% very soon. We have a new appraisal from March 16th reflecting the current value of $9.2 Million. The current structure sites on 2 acres and the remaining 2 acres is prepared for phase II of this retail center. The current request is for a bridge loan to take out the current partners and pay off the existing bank loan. The exit strategy will be to move the relationship to a more traditional financing source and complete the second 16,800 sq ft building.

First Name

Bill

Last Name

King

Company

4 Kings Capital

Role

Mortgage Broker

Location

Dallas
Texas
USA