Project Description

Mixed-Use/Commercial – Austin, TX

  • Status: Performing
  • Position: First Lien
  • Loan Type: Acquisition
  • Current Loan Balance: $5,077,534
  • Fully Committed Loan Amount: $5,250,000
  • Appraised Value: $8,894,153
  • Loan to Value Ratio: 59.0%
  • Current Interest Rate: 9.65%
  • Interest Rate Index: WSJP + 6.40%
  • Interest Rate Floor: 9.65%
  • Origination Date: July 30, 2020
  • Maturity Date: August 1, 2021
  • Term: 12 months
  • % of Portfolio: 6.5%

This is an acquisition loan for a large tract that is currently improved with commercial property. The borrower intends to redevelop the site with a multifamily development in the future.