Location: Alma, MI & Munster, IN
Loan Amount: $13.5M
Loan Type: Recapitalization/Refinance
Property Type: Industrial Portfolio
Challenge iBorrow Solved:
The iBorrow loan addressed the following issues: (i) refinanced the existing debt on the portfolio ($12MM), and (ii) recapitalized the ownership structure to allow the borrower to buy out an equity partner ($2MM). The greatest challenge of the deal was that the sponsor was under a strict time deadline to complete the transaction. iBorrow was able to quickly complete the due diligence/underwriting process and close the loan in less than 3 weeks.