Loan Amount: $2,730,000
Property Type: Light Industrial with some retail component
Loan Type: Recourse loan to principals
Loan Term: 10-year
Ferguson Building – Wasilla, Alaska
This metal building has only a few tenants. The main tenant was Ferguson Enterprises, Inc. This tenant is a subsidiary of Woseley, PLC and public European company with poor financial statements. In order to provide comfort to the lender that Ferguson was doing well in the USA we worked with the client and Ferguson who eventually provided separate financial statements for Ferguson Enterprises, Inc. These financial statements showed strong earnings as well as a healthy balance sheet which allowed us to move forward with a commercial real estate loan with a 10-year fixed rate and a 15-year amortization in the amount of $2,730,000. This loan covered the existing loan balance plus closing costs.