This skillful borrower had a balloon payment pending on this 2000 built, 16,000sqft steel and masonry automotive care facility, well located Plano Road, a prominent thoroughfare within the DFW Metroplex.
At the same time he was in lease extension negotiations with the existing tenant. This interim moment of having a short time left on the current lease made it difficult for traditional lenders underwrite a refinance. The very sophisticated mortgage broker called SFG for a quick transition loan, allowing the borrower to negotiate the lease from a position of strength, without the pressure of maturing debt.
We pressed our appraiser for a quick turnaround, as we did our own valuation internally, to speed up the prosses.
This particular mortgage broker was exceptional, exhibiting terrific client control in gathering necessary data, responding to our requests and keeping the borrower engaged. All in all, this was a smooth transaction that closed from beginning to end, in just a few weeks.
Seattle Funding Group regularly funds single tenant NNN leased assets such as Walgreens, Starbucks, Sherwin Williams, fast food establishments and light automotive uses.
Helping Entrepreneurs capture opportunity is what SFG is all about – Capital at the Speed of Business™!