Delray Beach, FL, April 19, 2022: QuickLiquidity, a direct lender for commercial real estate, has announced that it has closed a $500,000 loan to a repeat borrower, secured by their 33% tenants-in-common (TIC) interest. The TIC owns a single tenant triple net lease property in Columbus, OH. The property is occupied by a national day care on a long-term lease with a strong corporate guarantee.
The borrower is an experienced commercial real estate developer who was 90% complete with a ground up development of an apartment community. Unfortunately, due to labor shortages and increased material costs, the borrower’s original construction budget was not enough to complete the project and the senior lender was unwilling increase their loan. This left the borrower scrambling for additional capital to finish construction and start the lease-up phase.
The borrower had previously worked with QuickLiquidity and knew they could move quickly. QuickLiquidity offered the borrower a solution by providing a loan secured by his illiquid and non-controlling TIC interest. This allowed the borrower to receive the capital he needed, while maintaining complete ownership of his TIC interest and any future property appreciation.
The borrower received a term sheet from QuickLiquidity the same day they submitted their loan request. It then took only 7 days from when the term sheet was fully executed for the loan to be documented and closed.
"We’ve created an innovative loan program to help asset rich, but cash poor investors unlock their trapped equity. Whether they are a passive investor or the sponsor who put the deal together, our financing can provide them with immediate liquidity to keep growing their portfolio.” says A. Yoni Miller, Principal of QuickLiquidity.
Have questions regarding loans secured by LLC interests, LP interests, TIC interests, or DST interest? Give us a call right now at 561-221-0881.
