• Purpose: To have access to working capital to continue business operations and consolidate short term debt
• Property Value: 3rd Party Appraisal at $12 Million
• Size: 40,000 Square Feet R&D / Flex space
Notes:
• Built in 2008
• 100% occupied by Mission Motorsports, Inc.
(owner-occupied building)
Terms:
• Loan Amount: $1,075,000
• CLTV: 62%
• Term: 12 months with 12-month extension option
• Interest Rate: 10.9%
• Source of Loan: Bank Referral