Construction Loan for Arco Ampm, Three QSR, and Carwash Development

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.

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