A local businessman is selling his urban infill industrial property in the highly desirable Kent Valley Washington Industrial Corridor.
With a balloon payment pending on an investment property in Arizona, this borrower needed cash in a hurry and didn’t want to rush a sale of the subject asset in Washington state, as that would likely jeopardize capturing the highest value. His sales brokers at Marcus and Millichap referred him to SFG for a quick, no prepay penalty commercial equity loan on his his free and clear Kent Valley property, which they had listed. In doing so he could pay off the Arizona loan while they marketed the Washington property to the most appropriate buyer. This smart strategy allowed our borrower to achieve both financial objectives in a short period on time.
SFG quickly underwrote the request during the holiday season and provided an interest reserve, so payments are built into the loan. When our borrower does sell his property for an optimal price, any unused interest will be credited back.
What we like about the deal
- Well-located industrial property.
- Strong sponsor with excellent credit.
- Free and Clear Property.
- Clear exit strategy.
- Quality Marcus and Millichap agents at the helm.
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