Experienced Assisted Living Facility Operator. Borrower sought a cash-out 1st TD on this Fresno Assisted Living and Memory Care Facility to complete the remodel of the subject property.
Borrower has recently secured a new 1st Trust Deed of $700k that paid off a matured 1st TD that was used to purchase the property in Aug. 2018. The new (non CTD) $700k Trust Deed will subordinate to our new 1st Trust Deed and will remain in 2nd position. The proposed CTD $1.1 Mil loan will include $850k in funds control (100% of the rehab budget) with the balance of the funds being used to pay fees, reimburse rehab expenditures and continue with the construction.