Inland Mortgage Capital, LLC, through its affiliate, closed an $8,100,000 non-recourse loan on a retail shopping center in Victorville, CA. The loan represented an 81% Loan-To-Value.
The property consists of a collection of investment-grade and non-investment-grade tenants and IMC was comfortable with the borrower’s strategy of selling off parts of the center into the hot single-tenant credit market.
Art Rendak indicated that the appraised LTV was higher than desired, but looking at individual Cap rates on the individual parcels, the underwritten value was much higher.
Further, the borrower was a long-time customer pre-Recession, and it was great to do business with them again!