Freedom Financial Funds, LLC recently provided a $3,225,000 build-to-suit loan for a three-tenant project assembled by one of its long-time clients.
Tenant commitments helped to make the deal rock solid. Upon closing, Freedom Financial Funds will have executed leases from Black Rock Coffee and Salad and Go. The fund will also have an LOI for Express Car Wash. Based upon the executed leases and the LOI, the return on cost ratio is very strong at over a nine percent cap rate.
The transaction was originated by Freedom Financial Funds CEO Michael Klein with assistance from CCO Minda Johnstone. Klein commented, “We have known our client for nearly a decade, and this is our 14th loan with them. Because of their excellent track record and the strong value being created, Freedom was able to provide a 90 percent of cost loan and price it with a coupon of just under 8 percent.”
Borrowers rely upon Freedom Financial Funds to move swiftly, giving them the maximum amount of time to shore up tenants before closing on a project and minimizing their risk. Clients further count on Freedom Financial Funds to respond quickly as projects progress, guaranteeing funding draws in five days or less. It is this combination of agility, responsiveness and progressive thinking that makes Freedom Financial Funds a first choice among alternative lending sources.
