Business owner sought a cash-out 1st TD on this industrial building in Anaheim in Orange County. Proceeds from our loan paid off an existing Union Bank 1st TD Note that is coming due. The borrower owns the building and his successful solar business with two business partners.
The subject is a single tenant industrial building with 8,475 SF of usable space and sits on a 30,971 SF lot. The property offers a reception area, 12 offices, a conference room, a classroom, 3 storage rooms, kitchen/break room, 5 restrooms and a mail room. On-site parking consists of 44 spaces at a 5.5/1,000 PSF ratio.
Rental analysis of the subject property indicates $1.70 PSF or $14,408 monthly or $172,890 annually. Applied Cap Rate for the subject is 6.00%.
This loan is 33.46% LTV on the MAI Certified Appraised value of $2.54 Mil.