Real estate marketplace lending platform Money360 announced earlier this week it has provided a $6 million permanent loan for the refinancing of a single-tenant industrial building that is located in Bryan, Texas.
According to the lending portal, the new permanent loan will allow the borrower to pay off a higher interest rate loan, and provide approximately $500,000 of cash out that was used to fund capital leasehold improvements that were made as a part of a new lease for a national tenant which recently took occupancy. Sharing more details about the loan, Money360 president Gary Bechte, stated:
“We have continued to see a trend of borrowers in need of financing that will refinance maturing loans or those with higher interest rates, as well as provide capital to fund property improvements or additional capital reserves,” said l. “This transaction fit well within our criteria because the borrower had already invested a substantial amount of their own capital into the property and has a long history of effective ownership, management and property maintenance.”
Money360 went on to add the recourse loan is fixed for five years at an interest rate of 4.375%, utilizing a twenty-five-year amortization schedule, and no prepayment penalty.