The collateral for this loan is 10-acre parcel with a 105,000 square foot shopping center. Located in Sallisaw, OK, about 100 miles southeast of Tulsa, OK, the property is home to Tractor Supply and a few small local retailers. Currently 52% vacant, the borrower is acquiring the property with the intent to create value by leasing up the vacant space and fixing some deferred maintenance issues. With two tenants currently in lease negotiations with the borrower, the property would be over 90% leased once the tenants sign new agreements.
Loan Amount: $4,600,000
Yield: 10% interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. *For investments equal to or greater than $100,000 investors will earn 10.5%.
Term: Nine months with two optional nine-month extensions at maturity. Final maturity date is 4/15/24.
