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Construction Financing for a Truck-stop/Travel Center Ground Up Development; 78% LTC
First Financial Capital had successfully completed construction financing for a 16-acre travel-center & truck-stop development in the San Joaquin Valley, California in the amount of $11,450,000; 78% LTC (loan to cost).
FFC was able to provide the borrowers with their first loan disbursement within two weeks of receiving a fully executed LOI (letter of Intent), however, funding was delayed due to ROFR (right of first refusal) rights upon signing a franchise agreement that were prejudice to the lender. FFC reacted quickly and their team was able to come to a subordination agreement with the franchisor within 30 days.
Estimated project completion is set for 10-months (Summer, 2022)
- Closing Date
- Loan Amount
- San Joaquin Valley
- Construction Financing
- Travel Center