Asheville Industrial Hard Money Loan
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The loan encompasses a 15,000 square foot office/warehouse space in Asheville, TN. The borrower has been operating their school supplies distribution company out of the property since 1996. Yieldi negotiated a conservative 50% LTV to help the borrower increase their inventory for the upcoming school year.
Asheville Industrial Hard Money Loan Details
Structure
- Tax Document
- 1099-INT
- Offering Structure
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BPDNx
SENIOR BPDN - PROMISSORY NOTE SECURED BY COLLATERAL SECURITY AGREEMENTTHIS PROMISSORY NOTE IS SECURED BY THE ISSUER'S PLEDGE OF THE RELEVANT UNDERLYING COLLATERAL LOAN (AS DEFINED BELOW) TO THE LENDER (AS DEFINED BELOW) UNDER THE COLLATERAL SECURITY AGREEMENT AND PROMISSORY NOTE. HOWEVER, EXCEPT TO THE LIMITED EXTENT PROVIDED IN THE PROMISSORY NOTE WITH RESPECT TO THE UNDERLYING COLLATERAL LOAN, THIS NOTE IS NON-RECOURSE TO THE ASSETS, FUNDS AND ACCOUNTS OF YIELDI, LLC (THE "BORROWER", "COMPANY" OR "ISSUER") OR ANY OF ITS AFFILIATES, EMPLOYEES, AGENTS, STOCKHOLDERS, PARENTS, OR SUBSIDIARIES EXCEPT TO THE EXTENT OF THE VALUE OF COLLATERAL LOAN NET PAYMENTS ACTUALLY RECEIVED IN RESPECT OF THE UNDERLYING BORROWER LOAN.
Example Return on Investment
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Investment Amount:
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Annual ROI:
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$0
Why We Like This Opportunity
Asheville Industrial Hard Money Loan Highlights
The loan encompasses a 15,000 square foot office/warehouse space in Johnson City, TN. The borrower has been operating their school supplies distribution company out of the property since 1996. Yieldi negotiated a conservative 50% LTV to help the borrower increase their inventory for the upcoming school year.
About the Neighborhood
Johnson City, Tennessee is the eighth largest city in Tennessee, with a population of 71,046 as of 2020. It is located in Washington, Carter, and Sullivan counties, mostly in Washington County, and is the principal city of the Johnson City Metropolitan Statistical Area. Johnson City is situated between mountains and valleys, rivers, and lakes, and is part of the Appalachian Highlands region. Johnson City has a dense suburban feel, and most residents rent their homes. It also has highly rated public schools, safe neighborhoods, and a dynamic business community.Nearby airports include Tri-Cities Regional (TRI) Airport, which is 12.1 miles away, Asheville (AVL), 61.9 miles away, Knoxville (TYS), 98.5 miles away, Greenville/Spartanburg (GSP), 99.2 miles away, and Charlotte (CLT), 109.9 miles away.
Why We Like This Opportunity
The borrower and their business are a reputable figure in the educational industry. With nearly 30 years of operations within the subject property, we trust that the borrower will uphold their financial requirements. The broker for this deal has already started sourcing a SBA loan that will be used to repay Yieldi in 2025.
Experienced Borrower
The borrower is a successful real estate investor in high-end real estate industry in Florida. He’s sold multiple Florida homes for over $2M+ and has a high net worth and strong liquidity.
Seniority
The first-priority mortgage lien position is the most senior and highest priority within the capital structure. In the event that a borrower defaults, the lien priority determines the order in which lenders are repaid. Senior lenders are always repaid first. All subordinated positions, including the amount held by the Originator and its investor syndicate, act as a buffer in the event of a deterioration in the Properties’ value.
Personal Guarantee
The Loans are personally guaranteed by the borrower, spouse, and all principals in the LLC. Additionally, the Sponsor and/or Guarantor are obligated to contribute monthly payments to maintain a tax and insurance reserve. Failure to adhere to reserve contribution requirements would lead to the triggering of a debt service and operating expense/shortfall guarantee.Investment Summary Of Asheville Industrial Hard Money Loan
Investors have an opportunity to invest in borrower payment dependent notes, the cash flow of which is dependent on the payment of interest and principal repayment on the Loans. Investors are scheduled to receive an annualized monthly interest payment of Login for details over the Loans' estimated remaining term of 12 Months. Principal is expected to be returned on or before maturity through a refinancing with a traditional bank loan. It is important to note that the Loans are eligible for prepayment, and principal may be repaid prior to the 12 Months estimated remaining term. If the Loans are paid off before maturity, investors are expected to receive at least three months of interest payments in addition to return of principal.
How Do I Get Paid?
This loan had an initial term of 12 Months with an option at Yieldi's discretion to extend. As of May 31, 2024 there are 12 Months remaining. Investors will immediately receive monthly interest payments at an annualized rate of Login for details on the principal balance over the life of the loan. If you invest in this loan in the middle of a month, you will receive a prorated interest payment for your investment for your first investment month and then full monthly payments thereafter. All payments are made automatically via ACH on the 1st of each month and investors all paid by the 10th of the month.
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