Property Type: Automotive
Purpose: Refinance
Loan Amount: $1,375,000
Location: Denver, Colorado
A group of owners wanted to cash out equity in their automotive property to consolidate debt and pay off personal loans.
Traditional lenders weren’t comfortable with the property type as many lenders won’t touch commercial loans that involve auto-related properties due to potential environmental issues.
In this case, there were none after overcoming a challenge with their ownership structure, we were able to move forward quickly. We provided a fully-amortizing loan and the owners were able to reach their goals.