Construction Loan for Arco Ampm, Three QSR, and Carwash Development
- Loan Amount
- $10,900,000
- Property Type
- Service Station
- Area
- Riverside County
- Purpose
- Construction Loan
- Brand
- Arco/ampm, Fast Food, Carwash
First Financial Capital has successfully placed a $10,900,000 construction loan for the development of an Arco/ampm, three [QSR (quick service restaurant)](https://www.firstfincap.com/articles/acronyms), and carwash in Menifee, California at a [LTC (loan to cost)](https://www.firstfincap.com/articles/loan-to-cost-ltc) of 80%. The sponsor has an extensive background in both the development and operation within the retail space and has since become the largest Arco/ampm owner and operator in California.
Despite the market uncertainty during the peak period of the COVID-19 pandemic in May, 2020, FFC was still able to provide the sponsor with an [LOI (letter of intent)](https://www.firstfincap.com/articles/letter-of-intent) in 24 hours. Three weeks thereafter, the borrower received the first draw of $2,725,000 of four in June, 2020.
The ease of this transaction was only possible due to FFC being privatley capitalized which allowed for a quick credit descision process.
Estimated completion of the project is set for December, 2021.
