Loan for an 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 a solution with transparency, the efficiency of the product, and reduced transaction costs. The Borrower who is a 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-ed in a prominent area of Glendale Phoenix adjacent to a strong retail corridor. The asset was built in 1972 and consists of a warehouse and fulfillment center.
After completing the quick survey detailing his asset, LoanBase was able to connect
the Borrower with 42 lenders, each providing live quotes that matched the Borrower’s
criteria. The Borrower was then able to converse and strategize with lenders of their
liking in order to achieve quotes that fit his/her needs.
There were a few hurdles that LoanBase and the Borrower had to overcome in order to
secure financing for the asset, including that the property was only 60% occupied 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
his/her 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, market despite the COVID-19 vacancy challenges, and believed in the Sponsors business plan. LoanBase was able to assist the Borrower through every step of the way 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 loan application and left both lender and borrower with a desirable outcome and a long lasting partnership for future investments.