Georgetown, TX

$2,631,000

Assisted Living Facility

Equity Cash Out

09/30/2019
Transaction by
Wilshire Finance Partners
In late 2019, Wilshire Finance Partners provided a $2,631,000 refinance bridge loan secured by a senior assisted living facility in Georgetown, Texas. The Borrower is a decorated Marine pilot and second generation operator demonstrating pride of ownership and strong operating history for 2 facilities which were doing very well. Both had a waiting list for additional residents. He wanted to cash out some equity in order to build out 2 additional wings on each property. The expansion plan included new residence quarters, a beauty salon and recreational areas. Wilshire structured a cross collateralized refinance to provide the funds needed. By combining the construction on both facilities, the sponsor was able to achieve significant cost savings through his general contractor. The loan-to-value was 43%, and the loan term was 24 months.