Sold Out - Wahoo Refinance
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Loan Amount: $2,755,975
Collateral: Assignment of a Note and First Trust Deed on a parcel of land being developed with a Wahoo’s Tacos. The property was purchased in July 2019 at a purchase price of $5,673,000 with down payment of $2,465,318.00, and signed a Note in the amount of $2,836,500 secured by First Trust Deed on the property.
Loan-to-Value: 54% LTV based value of the property with the Wahoo’s franchise in place is estimated at $5.3 million, based on a 5.55 CAP rate on the initial lease amount of $295,000 per year.
Interest Rate: 18.25% per annum, paid monthly.
Minimum Interest: 3 months minimum interest guaranty. No prepayment penalty after three months.
Term: 3 months.
Borrower/Guarantor Profile: Call for Details.
Loan Servicing: FCI Loan Servicing will provide loan servicing at Borrower’s expense.
RISK DISCLOSURE All real estate markets can be negatively affected by interest rates, availability of capital, supply and demand factors, and general economic conditions both locally and nationally. The investor should review this proposal with these risk factors in mind, and base the investment decision on both existing market conditions and potential changes in the economy, as well as the investor’s personal objectives and risk tolerance.