Florida Hard Money Deal - Close

560

1 deal

Florida

Retail commercial shopping center. Time sensitive auction. Starts OCT 5TH 2020. We want to apply for a Bridge loan to purchase a commercial property located at 1001-1019 W Vine Street / 1499-1507 John Young PKY, Kissimmee FL 34741. It’s an online auction deal (Ten X) and therefore will want to base the bridge loan amount on our bid amount plus transaction fees. The property is already leased up for 90% with steady cash flow and needs minor to none rehab costs. At the current starting bid of 3.6 Mill the property is deeply discounted which may allow us to go for a zero cash deal by means of a Gab Loan to cover the 10% Bridge Loan down payment. We will hereafter refinance the bridge loan with a permanent mortgage loan (70-80% LTV). We only need a POF to the cap amount we will want to expose for the auction. Ten X is a Online Auction platform for commercial real estate properties. We have a complete due diligence package of the property. Expected purchase price of $9M. Monthly rent roll $121K+.