At Scottsdale Private Lending, we are pleased to present some of our recently completed transactions. Please review some of these as they illustrate what we can do and may apply to what you are trying to accomplish as well. These "tombstones" by no means capture everything we offer, so please feel free to contact us to discuss your financing needs.
Residential Loan for Home Designed by Frank Lloyd Wright
Commercial Construction Loan for New Restaurant Concept
Downtown Phoenix Commercial Construction Loan
Sedona Commercial Land Loan
Hotel Land Loan - Sky Harbor Airport
Scottsdale Private Lending is pleased to announce the closing of a $1,000,000 loan for the purchase of a 2 acre Hotel site just SE of Sky Harbor International Airport. The Borrower was the successful bidder on the Bankruptcy Court sale. The Borrower plans on building a 110 room hotel on the site, which is already fully zoned and entitled. This purchase will complement his portfolio of almost a dozen hotels in the Metro Phoenix area. The loan term was for 12 months, 10% interest only payments.
Denver Residential Platted Land Loan
Scottsdale Private Lending recently funded the purchase of a vacant 36-acre land parcel in the Greater Denver area. The loan was for $600,000 and is for 18 months. The Borrower already has the property under contract with a regional home builder who needs to get the property entitled for more density. The Denver housing market is one of the hottest in the country and this zoned in-fill piece is highly desirable.
Phoenix Commercial Real Estate Loan
Scottsdale Private Lending is pleased to announce the refinancing of a free and clear commercial warehouse in close proximity to the Arizona State Fairgrounds in Phoenix. The subject property is occupied by a long-standing single tenant. The Borrower needed funds to assist with business expenses related to a late family member's estate. The loan is interest-only for 12 months, with a 6-month option to extend.
Sedona Commercial Land Loan
Scottsdale Private Lending recently closed on this commercial vacant land parcel in West Sedona. This cash-out refinance loan was for $1,000,000 and is for 24 months. The loan proceeds were used for cleaning up some family estate issues. The parcel has over 400 feet of frontage on Hwy 89A and is almost 7 acres in size. One of the largest undeveloped commercial parcels left in West Sedona, this prized real estate has great development potential.
Glendale Apartment Funding
Scottsdale Private Lending is pleased to announce the successful funding of a 44-unit apartment complex which is 100% occupied. The units are all 1 bedroom/1 bath and 550 s.f. each. The loan was for $2,175,000 and was 75% loan to cost. The apartment complex is located in Glendale near Cardinal Stadium. The buyers/borrowers were coming out of a sale of a property they owned in California and wanted to 1031 into this property. The bank the borrowers were using was taking too long to get approved and they moved the loan to SPL. The bridge loan is for 18 months. .
Construction Loan in Heber-Overgaard
Scottsdale Private Lending is pleased to announce the funding of a construction loan in Heber-Overgaard, AZ. The borrower is a seasoned builder that has built numerous homes in the area. This will be a spec cabin on a beautiful pine tree covered lot. SPL made a loan for 100% of the construction budget as the borrower is pledging the lot free and clear. The loan is for 12 months, interest only.
Phoenix Commercial Real Estate Loan, Loan Amount $500,000
Scottsdale Private Lending is pleased to announce the closing of a commercial real estate loan in Phoenix, Arizona. The Borrower’s existing private note on the 100% speculative retail property was maturing and needed to be refinanced. The Borrower desired a bridge loan to allow time to acquire tenants and renovate the building prior to obtaining permanent financing. The property has good visibility and is located in a high-growth area of town. Due to the structure of the Borrowing entity, non-recourse financing was required. The loan was for 12 months, interest-only.
Commercial Real Estate Loan, Payson
Scottsdale Private Lending is pleased to announce the closing of a commercial real estate loan in Payson, Arizona. The Borrower approached SPL with the need to acquire a family member’s interest in a single tenant restaurant building. The building was once a thriving restaurant but is now vacant and in need of minor improvements. The Borrower intends to clean up some minor deferred maintenance, lease the property to a new tenant and ultimately refinance into permanent financing. SPL made a loan to the Borrower for one year at approximately 50% of value.
Scottsdale Private Lending is pleased to announce the closing of a purchase loan for retail/industrial building south of Sky Harbor International Airport. The borrower has an existing retail business he has operated for over 20 years in the same area and has outgrown the existing facility. The new location consists of 2 buildings. One will serve as an office and retail space and the other building is for installation and service work. It has 3 overhead roll-up doors. SPL funded 89% of the purchase price and cross-collateralized an additional property the borrower owned to reduce the overall Loan to Value. The loan is for 2 years, interest only.
Scottsdale Private Lending is pleased to announce the funding on two vacant multi-family parcels in Phoenix. The borrower is a Canadian citizen and needed to take cash out of the properties to qualify for their E-5 Visa status. Both properties were purchased during the latest economic downturn at considerable discounts but have increased dramatically in value since. SPL loaned the Borrower more than what they originally paid for the property due to its attractive zoning, density potential and location. The loan was for 18 months, interest only.
Historic Commercial Building, Loan Amount $900,000.00
SPL is pleased to announce the funding of an extraordinary building with a storied history. SPL loaned the borrower $900,000.00 for the $1.85MM purchase of this 19,200 s.f. building that was built in 1885. It consists of 2 stories and a basement. Originally a blacksmith shop, and subsequently a children's museum, it is now a modern office building with a new state of the art cooling and heating systems. Sitting on approximately 1.5 acres, it has magnificent log beams and trusses and a brick facade. It also shares common parking with a Best Western Hotel and a medical office building.
West Valley Land Loan, Loan Amount $2,150,000.00
SPL is pleased to announce the successful funding and closing of a $2,150,00 land loan in the west valley. The Borrower needed to capitalize and buy out an existing partner. SPL arranged for a 5-year loan term that effectively gives the Borrower the timeframe to meet their mid-term goals for the property. The loan amount is 50% Loan to Value.
Mixed Use Property, Loan Amount $278,000.00
Scottsdale Private Lending is pleased to announce the funding of a mixed-use property located near Cardinal Stadium in Glendale. The property is just under 4 acres and has 2 residential homes and a 2500 s.f. metal utility building. It also features a helipad. The loan amount was $278,000 and was for 12 months.
Residential Investment Condo, Loan Amount $98,000.00
The borrower purchased this residential condo in a very desirable area in a pristine subdivision. His intent is to rent it out and the demand for this 2 bedroom, 1 bath with almost 900 s.f. is very high. Located across from a green belt, it has a large community pool with clubhouse. The loan amount was $98,000 and was for 12 months, interest only.
Commerical Construction, Loan Amount $2,500,000.00
This repeat Borrower was seeking a commercial construction loan to build out another location that was located on the ground level space in a condominium plat. They came to the lending table with 100% of the purchase price and SPL loaned them 100% of the construction costs. The loan to cost was low enough to mitigate the specialized nature of the business purpose use. SPL arranged for a twelve-month term that addressed the Borrower’s goals while keeping within a low LTV to protect our Investor. Before or at the conclusion of the loan term, the Borrower should be in a position to successfully obtain permanent financing.
Farm Land, Loan Amount $1,900,000.00
The Borrower was referred to SPL by a trusted advisor and real estate broker. The subject property is approximately 100 acres of farmland that is being held for either future development or sale. The Borrower wished to more economically recapitalize the current debt on the property and provide additional capital for some planned expenditures and entitlements. SPL arranged for a twenty-four-month term that addressed all of the Borrower’s goals and keeping within a low LTV. Before or at the conclusion of the term, the Borrower should be in a position to successfully execute its plans.
Multifamily Property, Loan Amount $136,000.00
The borrower approached SPL wishing to recapitalize their cash position on a multifamily property they owned. They had paid cash for this six-unit property that had been somewhat mismanaged and had significant deferred maintenance. After the acquisition, they conducted extensive renovations and brought the property into prime condition and leased it up. Thereafter, they wished to take some cash out of the property for new investment. SPL made a loan for $136,000, representing approximately thirty percent loan to value, for a thirty-six-month term with monthly interest-only payments. The property cash flows well and after some operating history will readily be able to have a bank take-out in place. SPL successfully closed a $136,000 loan for a 36-month term with monthly interest-only payment. The property cash flows well and after some operating history will readily be able to have a bank take-out in place.
Commercial Construction, Loan Amount $5,000,000.00
SPL successfully closed a $5,000,000 commercial construction loan. SPL arranged a twelve-month term allowing the Borrower to begin construction in May for a 27,000 sf building. The site totals 4.77 acres and is adjacent to a Power Center that includes a Costco.
Commercial Construction, Loan Amount $3,425,000.00
SPL successfully closed a $3,425,000 commercial construction loan. The Borrower is bringing in well over $3,000,000 in construction funds prior to our money going out for construction. SPL arranged a twelve-month term allowing the Borrower to begin construction of an approximately 12,000 sf building with a parking ratio of 12 spaces per 1000 square feet. The building will sit on a 3-acre site.
Broken Priority Commercial Construction, Loan Amount $2,500,000.00
SPL closed a $2,500,000 loan to facilitate the completion of a commercial construction project. SPL arranged a twelve-month term at 50% of total cost. This loan request was particularly challenging as the site was actively under construction and approximately sixty percent of the project had already been built. This left very few title insurance companies that would be willing to insure this escrow. SPL Carefully documented the progress, draws, lien waivers, invoices and additional supporting documentation to minimize the mechanics lien liability in order to close the loan.
Prescott Residential Lots, Loan Amount $250,000.00
SPL funded a $250,000 cash-out refinance on finished residential lots that the Borrower is land banking for future sing-family construction. The seasoned Borrower needed the capital for construction of a 2 specs in the subdivision. The exit strategy will ultimately be the construction and sale of the homes.
Commercial Land, Loan Amount $675,000.00
SPL is pleased to announce the successful closing of a $675,000 loan to acquire a commercial parcel of land for future construction. SPL arrange a twelve-month term at 45% of acquisition cost. This site is 3.8 acres zoned C-3 and is ideally located just off a major interstate diamond interchange.
Commercial Land, Loan Amount $750,000.00
SPL successfully closed a $750,000 loan to purchase an infill commercial parcel of land for future development. SPL arranged a twelve-month term at 50% of acquisition cost. This site is 3.9 acres and is surrounded by residential that compliments the Borrower's demographic criteria.
Special Purpose Commercial Construction, Loan Amount $2,500,000.00
SPL is pleased to announce the successful closing of a $2,500,000 construction loan to build a 27,000 s.f building in the West Valley. Our Borrower requested a private money first lien to construct its newest project and a second location within Arizona. While the loan to cost was low, the project was special use in nature and the Borrower had limited operating history precluding conventional bank financing. We were able to arrange an interim loan allowing the construction of the facility with enough time to allow for a bank take out once stabilized.
Residential Improved Lots Acquisition, Loan Amount $8,800,000.00
SPL is pleased to announce the successful closing of an $8,800,000.00 loan to acquire a once in a lifetime real estate site consisting of sixteen trophy residential lots adjacent to one of the premier Golf Course Communities in the country. The Borrower also plans on building the custom homes that will be a minimum of 3,000 square feet, all of which have golf course frontage and/or magnificent views. There is a projected three-year period for build out and sales. SPL arranged a thirty-six-month loan allowing the Borrower to acquire the lots with the option to go vertical.
Investment Residential Cash Out, Loan Amount $500,000.00
SPL is pleased to announce the successful closing of a $500,000.00 loan to recapitalize the Borrower and provide for the investment in a new venture. The Borrower paid cash for this high-end luxury property in North Scottsdale at the height of the real estate boom and it is currently listed for sale. The Borrower came to SPL for a bridge loan to use for investment and recapitalization. The collateral is a non-owner occupied investment property in an extremely desirable private Golf course community, in excellent condition and the loan request was a low loan to value. Even though the Borrower's current cash flow was not sufficient to debt service the loan, SPL set aside more than sufficient interest payments to cover the loan payments to assure success for both the Borrower and our Investors in the event the property does not sell in a relatively short period of time. SPL provided a one-year term allowing the Borrower adequate time in which to sell the property.
Commercial Land Acquisition, Loan Amount $818,625.00
SPL is pleased to announce the successful closing of an $818,625.00 loan to acquire commercial land. The Borrower has now acquired their eighth site for their Company's special purpose business use. SPL arranged a twelve-month term at 50% of acquisition cost to allow for planning and the time to arrange the construction financing, which SPL is also working on. The highly visible fully improved 4.8-acre "pad" site is along the frontage road of a major highway and adjacent from a Costco.
40,000 Sq/Ft Spec Office Construction, Loan Amount $5,000,000.00
SPL is pleased to announce the successful closing of a $5,000,000 loan to construct a 40,000 s.f office building in North Scottsdale. Our Borrower is an extremely successful and seasoned developer in the Valley who sought out SPL for his request for a private money construction loan to finance his 100% spec Class A office building. SPL arranged a 75% loan to cost construction loan that was non-recourse to the Borrower.
27,000 Sq/Ft Special Purpose Construction, Loan Amount $3,000,000.00
SPL is pleased to announce the successful closing of a $3,000,000 construction loan to build a 27,000 s.f building in the East Valley. Our well-capitalized Borrower requested a private money first lien to add some leverage to its newest project within Arizona. While the loan to cost was low at approximately 41%, the project was special use in nature and the Borrower had limited operating history precluding conventional bank financing. We were able to arrange an interim loan allowing the construction of the facility with enough time to allow for a bank take out once stabilized.
8-Unit Office Building, Loan Amount $198,000.00
The Borrower negotiated an excellent price on this 63% occupied 8-unit office building, however, the institutional financing fell through late in the escrow. With the vacancy and the speed at which the property needed to close, no bank funding could be found. SPL stepped in and was able to provide an aggressively priced 78% Loan to Cost, 3-year term and closed the transaction in 8 days from initial consultation to recordation.
Spec Residential Construction, Loan Amount $225,000.00
The Borrower had initially approached SPL seeking a construction loan to build a spec home in Central Phoenix. They had paid cash for the lot and were having a tough time finding a bank to provide their financing because their product was very unique and extremely energy efficient and the cost of construction was high compared to conventional construction. While they had already built and sold a similar property, they did not have a long-standing track record would have instilled enough confidence for a bank to step in. SPL saw the value in what the Borrower was building and provided a 12-month construction loan to get the property completed.
Residential Assisted Living, Loan Amount $145,000.00
The Borrower was acquiring an existing business operating as a residential assisted living home. He quickly discovered that conventional financing can prove challenging for this property type. SPL provided a 1-year term for the Borrower to get stabilized and to provide the time in which to obtain a more permanent financing solution. The closing time was 6 days from complete application to recordation.
Gas Station/C-Store, Loan Amount $1,275,000.00
The Borrower was given a rare opportunity to recapitalize its debt at significantly less than the face value of the existing note after an opportunity fund had acquired the loan from a failed bank and offered an attractive offer to settle the debt. SPL arranged new long-term financing for the Borrower creating a windfall to the Borrower's balance sheet.