The collateral property is an owner-occupied industrial warehouse located in Miami, Florida. The borrower plans to use the funds to refinance an existing mortgage, which is cross-collateralized with the operating entity’s line of credit, and to enhance business cash flow. The mortgage will be repaid through conventional financing upon stabilization. Collateral includes a recorded 1st Mortgage, Collateral Assignment of Permits/Contracts, Rents and Leases, and a UCC-1 Financing Statement. The principals are seasoned entrepreneurs with over 28 years of success in the Miami-based cosmetic and consumer goods manufacturing industry.
