Escondido, CA

$4,625,000

Retail

Purchase

07/31/2019
Transaction by
Archway Fund
Archway Fund provided a $4,625,000 bridge loan for the acquisition of a 11,000 square foot retail property in Escondido, San Diego County. The Sponsor purchased the vacant property with plans to build it out for a national car rental company as their executed tenant. Their exit strategy is to season the property under new ownership & management and then refinance with SBA or conventional financing. The loan-to-value was 70%. The interest rate on this bridge loan was 8.75% Interest Only fixed. We charged an origination fee of 2 points. The loan term is 12 months. This private mortgage was funded in July 2019.