Advisors: Jeff Glenn
City: Western States
Lender type: Bank
Property type: Bank
Transaction type: Permanent Loan
Loan amount: $4,200,000

The Challenge:

All three properties were developed in 2015 and consequently there was no deposit history, which was a concern for almost every lender we contacted. With the advent of internet banking, branch locations are becoming obsolete and without a history of deposits, it was impossible to determine the future of these locations.

The Outcome:

After reaching out to over twenty lenders, we were able to identify a bank that was willing to place debt on each asset, based on a loan-to-value of 58%. Upon reviewing a market study, the lender concluded that the demographics specific to each location represented a nominal risk of these assets going dark at some point in the future. Additionally, the lender’s decision was based on a strong, low-leveraged borrower.

Senior Vice President