The subject property is a 8,093 sq ft 255 seat free standing restaurant property on 1.67 acres located in Antioch TN which is a suburb in close proximity to the fast growing Nashville, TN area. A successful, experienced repeat borrower who owns roughly 25 well run retail commercial properties which include many national tenants such as, Starbucks, Taco Bell, Cracker Barrel, KFC, Winghouse, Logan’s Steakhouse; and many others. The borrower was able to acquire the property below market due to the current tenant’s expiring lease which is priced well below the current rental market. Borrower’s plan is either renegotiate a long term market rent lease with the current tenant or attract another national franchise who will pay market. The new loan allowed borrower to acquire the property within 2 weeks to secure his low price. He will exit our loan by a conventional refinance when the property is stabilized. Rodeo is proud to work with repeat borrowers to help them achieve their real estate dreams.
- 75% Loan to Purchase
- 52.5% Loan to Value
- Repeat Highly Experienced Borrower