Loan & DebtMay 22, 2026, 04:37 PM
Generation Income Properties Secures $3.8M Term Loan at 5.70%
AI Summary
Generation Income Properties' indirect subsidiaries, LMB Auburn Hills I, LLC and LMB Lewiston, LLC, entered into a Commercial Business Loan Agreement with Hancock Whitney Bank for a $3,800,000 term loan. The loan, bearing a fixed interest rate of 5.70% per annum, will be repaid in monthly installments of $23,986.17, with the final payment due on May 1, 2031. The proceeds were utilized to refinance existing mortgage indebtedness on two properties, and the loan is secured by first priority mortgages on these properties.
Key Highlights
- Secured a $3,800,000 term loan from Hancock Whitney Bank.
- The loan carries a fixed interest rate of 5.70% per annum.
- Monthly installments of $23,986.17 commence on June 1, 2026.
- The final installment of principal and accrued interest is due May 1, 2031.
- Proceeds were used to refinance existing mortgage debt on two properties.
- The loan is secured by first priority mortgages on properties in Florida and Tennessee.
- Generation Income Properties, Inc. and two subsidiaries guarantee the loan.
- Borrowers must maintain a minimum debt service coverage ratio of 1.15 to 1.00.
Price Impact
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