We just received approval for a loan on a turnaround park. The park is 90% occupied but will need considerable cleanup, some evictions, new rules, etc.
The loan amount is $475K at 75/25 LTV. We shopped around a bit and this was the best we received:
20 year amoritization with a 10 year term at a rate of 5.00% fixed, then adjusting each
consecutive ten (10) years to the then applicable 10 year ICE swap
rate + 300bps.
We felt good about the load but was hoping to get some feedback from others. Thoughts?
Thanks in advance for your input.