A strip center is underwritten tenant by tenant, not as one building. Two centres with identical rent rolls can finance completely differently depending on who is paying that rent, how long they are committed, and how much of it comes due in the same twelve months.
What the file turns on
The rollover schedule, the credit behind each lease, sales-per-square-foot where tenants report it, and whether an anchor or a traffic-driving service tenant holds the centre together.
Where deals fail
Heavy rollover concentrated in one year, a dark anchor space, and leases carrying landlord obligations the pro-forma ignores.
Service retail has held up
Centres weighted toward food, medical, fitness and other services a customer cannot get delivered have underwritten more consistently than merchandise-led retail.
Our minimum loan is $200,000. We are a direct commercial lender working across the 43 states we serve, in business since 1998. We do not publish a rate for this product because the number depends on the file — call and we will quote the deal in front of us.
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