iBorrow, a nationwide private direct lender for commercial real estate, has provided a $12 million loan secured by a portfolio of 14 properties operated as Sonic Drive Thru restaurants, totaling 21,687 SQFT, and 50,268 SQFT of adjacent vacant land. The proceeds of the iBorrow loan will be used by the borrower to acquire the property portfolio.
Brian Good, iBorrow CEO, said, “Despite the strong performance of the operating properties and the attractiveness of the markets in which they operate, this was a challenging loan to close given the borrower’s relatively fast closing time frame and the complexity of underwriting numerous properties in multiple states. We are very comfortable with the sponsor’s ability to perform and we believe we are at an attractive basis on this portfolio.”