Loan amount
$240,000
Loan type
As-Is Property Value
$275,000
LTV
88%
{LTV}
Property type
Commercial / Retail
Borrower Details
Credit score
814
Deal experience
2 deals
This loan scenario was submitted by a Broker
Property Details
State
Ohio
Loan Details
Additional Loan Information
5 unit retail building. 3 The unit has 3 long term (10 plus year) tenants paying $550, $2400, and $900 per month; exceeds the cost of mortgage. There is one additional remaining space which has a store front and street access that could be rented with minimal build out. The 4500 sq ft warehouse space in the back is the area of the building that we are looking to utilize. The property is in East Palestine Ohio and we are looking for a 15 year loan; however, would be open to a 20 or 25 year loan with an option to pay the principal of the loan down early with no penalty. Purchase price $370K. Not yet in contract. I believe it to be over priced and was looking to offer $240,000 to $250,000. The city tax assessment is $267,000 and the comparables sold for the mid $250's. Putting down $10K. Listing: https://www.loopnet.com/Listing/678-E-Taggart-St-East-Palestine-OH/18679352/
Status
Closed
Created
March 9, 2020 - 10:20am
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