Inland Mortgage Capital (IMC) is pleased to announce the closing of a $3,550,000 non-recourse bridge loan. The proceeds will be used in part for the acquisition of a 43,870 square foot industrial flex building in Las Vegas, with the remainder for future tenant improvements, an interest reserve, and capital improvements.
At the time of the loan closing, the building was 70% physically occupied by month-to-month (at significantly below-market rents) or delinquent tenants. For underwriting purposes, IMC assumed $0 revenues initially. Further, deferred maintenance at the Property was significant.
The repeat Borrower reached out to Inland Mortgage Capital to acquire and improve the property.
They needed quick action, and IMC was able to deliver by closing this deal in less than 30 days from application. The Borrower has owned or owns several other like properties within blocks of the subject property, and the execution of the business plan was very self-evident on the property tour. Further, the excellent proximity to the Las Vegas “Strip” provides a ready supply of potential tenants.
IMC’s loan allowed for no prepayment premium or minimum interest, and provided the Borrower with a structure to spec various units for immediate tenancy, along with waiving any requirement for a LIBOR Cap.
