Industrial Property in Phoenix, AZ.
LoanBase successfully arranged a $1,800,000 30-year fixed loan to refinance an industrial property in Phoenix. The Borrower was seeking an efficient, transparent solution with reduced transaction costs. The Borrower, a veteran real-estate investor, requested long-term, non-recourse financing.
Although the sponsor wanted a low fixed rate, he was seeking a banking relationship in order to refinance various other projects in his portfolio as well. The complex is situated in a prominent area of Glendale, a Phoenix suburb, adjacent to a strong retail corridor. The asset was built in 1972 and consists of a warehouse and fulfillment center.
After completing the quick application, LoanBase was able to connect
the Borrower with 42 lenders that provided live quotes that met the Borrower’s
criteria. The Borrower was then able to converse and strategize with lenders of their choice to attain quotes that fit their needs.
There were a few hurdles that LoanBase and the Borrower had to overcome in order to secure financing for the asset, including a 60% occupancy rate due to COVID-19. The Borrower was seeking a lender that would be comfortable moving
forward with the loan and was willing to create a partnership with the Borrower for
their future portfolio.
Loan Amount: $1,800,000
Term: 10 Years
Amortization: 30 years
Prepayment: 3, 2, 1
Lender Origination Fee: None
Despite the hurdles, LoanBase was able to source a lender who understood the asset, the market, and believed in the Borrower’s business plan. LoanBase was able to assist the Borrower through every step of the process in order to achieve their goals. The Borrower was
able to attain non-recourse, long term 10 year financing, fixed rate of 3.60%, 70% LTV, with a 30 year amortization. The transaction was closed within 45 days of the loan application and left both the lender and Borrower with a desirable outcome and a long lasting partnership for future investments.