Loan amount
$4,750,000
Loan type
As-Is Property Value
$6,300,000
LTV
76% {LTV}
Property type
Commercial
Borrower Details
Credit score
725
Deal experience
None
This loan scenario was submitted by a Broker
Property Details
State
California
Loan Details
Additional Loan Information
3.23 acre lot, with a 13751 SF building. Take current building and remodel to operate a after school/fitness program. The property is located in Pomona CA, I have a realtor and I have made a soft offer of 6 million, they were asking 6.3 million. The project is a 2 phase project due to costs, 1st to purchase the building and rehab, opening at the first of the year as a after school program, estimated costs, 1.2 - 1.5 million. The 2nd phase is to build on site, a 20000 sf multi purpose fitness center, estimated cost 4.5 million. The future value 13.5 million and loan duration would be 7-10 years. I am seeking assistance from the SBA for the repairs and operation cost. Once I have accomplished this and the business has been up and running, I will refinance and build the 2nd part of the project. 25% of funding coming from another source.
Status
Created
May 8, 2020 - 8:11am

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