Loan amount
$4,960,000
Loan type
Purchase
{Rent&Hold}
As-Is Property Value
$6,200,000
{PP:$4,960,000}
LTV
80%
{LTV}
Property type
Other Commercial
Borrower Details
Credit score
700
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
Property Details
City
Sherwood
State
Maryland
Loan Details
Purchase price
$4,960,000
Down payment
$0
Additional Loan Information
Waterfront 10 room hotel with a restaurant, five bars and a beach. The property also has a six bedroom 3 bath residential home and all licenses/equipment included. The business and staff will stay as is for a smooth transition. The business is currently only open 8 months and grossed over 1 million annually for the last 2 years, with a NOI of 500k. We will be open for 12 months and plan on adding a micro dispensary/consumption lounge with projections over 800k in NOI... I am a active RE agent in Maryland and will receive 2.5% for this deal. That will be use as a safety net for the first few months. My business partner will run day to day retail, restaurant and marketing with over 15 years of experience. I will run all rental and day to day maintenance of the property. 100% financing because interest rates are a handicap!
Status
Open
Created
September 5, 2023 - 11:38am
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