First Trust Deed collateralized by an approximately 41,261 square foot retail building in Bellingham, WA (about 92 miles north of Seattle, WA and 22 miles south of the Canadian border). Within the existing shopping center are existing tenants such as Subway, Big Lots, Little Caesars Pizza, Aaron’s and a handful of other local and regional tenants. It is the borrower’s intent to finalize lease negotiations with Big Lots (a current tenant in the shopping center) to secure a long-term lease of the space. In the event those lease negotiations breakdown, the borrower may sign a lease with his affiliated business, a gym tenant that would occupy half of the property. Within six months of acquisition, the borrower should have a paying tenant occupying the property.
Loan Amount: $3,500,000
Yield: 10.25% (Principal Balance ≥ $100,000); 10.00% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10 day grace period.
Term: Nine months with two optional six-month extension periods at maturity.