Real estate investor and long-time auto manufacturer was the majority Tenant at this commercial property. Borrower joined forces with 2 partners for this purchase opportunity and once the purchase of the subject property was complete, the plans were to supplement the existing auto storage and auto assembly with auto manufacturing at the subject property.
Borrower is looking to take advantage of their current but expiring Lease with an Option to Buy agreement with the Seller. Borrower signed a Lease in 2011 that offered this Lease Option and Borrower can exercise this purchase option right now for $2.788 Mil which is a significant discount to the $5.5 Mil Appraisal on this property. Borrower is seeking a 1st TD of $2.788 Mil. to purchase this Palm Springs 100% leased commercial property. Personal funds from Borrower will be used to upgrade the Electrical Capacity to accommodate new manufacturing.