Transaction Overview
Adam Candler arranged the bridge financing for the equipment build out of an auto-body shop in Covina, California. The Property was recently purchased all-cash following a 1031 exchange. The Sponsor, the single-tenant owner of the auto body shop needed working capital to purchase and install equipment required to run a full-service repair and restoration service. The entire process was 10 days from GSP’s introduction to funding. Sized to 50% of acquisition, the 18 month loan offers a six-month extension for an additional fee. Fixed at 7.9%, the loan is interest only for the term and option if exercised. There is no prepayment penalty beyond the one point exit fee.
