Looking for a cash out loan to expand your facility?
Does your long-term plan include a cash out refinance solution? We got you covered.
“We were able to help our client attain a 15-year loan that included cash out to expand his facilities. The client was focused on getting a loan facility that would allow him to concentrate on expanding his facility without worrying about a maturity. He also wanted flexible prepayment penalty while maximizing his current cash flow with a 25-year amortization.”
-Chris Miller
Deal Quick Look:
15-year Term
70% LTV on a cash out refinance
Open prepayment after 3 years
25-year Amortization
The Property: The facility has 60’ft wide concrete driveways for easy maneuvering while protecting boats and RV with no gravel parking. The facility consists of 3 buildings with 43,227 SF or rentable area sitting on 3.375 acres. The 120 units all come equipped with an electrical outlet and lights. There is 24-7 gate access that is compatible with the customers cell phones. There is also a Boat and RV wash station on site. All units are enclosed on four sides with 12-14 ft overhead doors.
The Challenge: The borrower was located in a market that was impacted by the hurricane. He also wanted a significant amount of cash-out to expand his operations. Lenders during COVID have limited their ability to max out on cash-out refinances.
The Solution: Chris Miller, Managing Director, placed the debt with a regional banking institution that is part of our NNN lender network. The lender was familiar with the market having done storage all around the State of Texas. They target cash-flowing self-storage facilities and Triple Net Lending knew they were the perfect solution to allow the borrower to expand his facility with cash-out. The loan process was easy for the borrower who had not done a bank loan in 15 years.
