Bossier City, LA
Property: Self Storage
Deal Type: Rate & Term Refi out of hard money used for acquisition post stabilization
Loan Amount: $1,745,000
This borrower came to us late-January looking to refinance existing debt on the property. He purchased this property with hard money at a 18.99% interest rate at extremely low occupancy. After his initial acquisition he stabilized this property and went to several lenders seeking a long-term financing solution. After months and tens of thousands of dollars spent, the borrower was extremely frustrated. That’s when he found Stronghill Capital. We were able to refinance his existing debt and offer a long-term financing solution at rates under 7%. The borrower has a portfolio of 15 self-storage facilities nationwide and is currently working with Stronghill Capital to refinance the rest of his portfolio.