Loan amount
$1,275,000
Loan type
Purchase
{Fix&Flip}
After Repair Value
$2,050,000
{PP:$995,000}
ARV
62%
{ARV}
Property type
Other Commercial
Borrower Details
Credit score
605
Deal experience
3 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
La Marque (Galveston County)
State
Texas
Loan Details
Purchase price
$995,000
Down payment
$155,000
Cost of improvements
$435,000
Estimated property value after repairs
$2,050,000
Additional Loan Information
*Property Details:
--Property Type: Specialty
--Property Sub type: Religious /Educational
--Zoning: Commercial
--Building Size: 32,413sqft.
--Year Built: 1962
--Land Acres: 2.72 Acres
--Opportunity Zone: Yes
--Frontage: Yes
--Amenities: Corner Lot, Good Traffic Count
--Property Description:
This Magnificent School Facility that was formerly an Active Church is located in an established neighborhood in La Marque TX. Built in 1962, the property is currently under a major remodel and updating project that will bring this building back to some of it's former glory!! With over 20,000sqft. of classroom space, it is a Great charter school, an educational institution, with a daycare. There's a full-service kitchen, 2 medium size warehouses in the back of the property, and brand new amenities too numerous to mention. This property did Not flood during Hurricane Harvey and has never taken on flood waters. Located 1 block from Hwy 3 /Galveston Rd, just minutes away from Hwy 45, and only a short drive to downtown Houston, TX.
=====================================
*Loan Type:
Purchase Loan
*Number of Buildings:
3 Total (1 Main Building and 2 Small Warehouses)
*Monthly Taxes
$856
*Monthly Insurance:
$427
*Current As-Is Value:
$1,500,000. (Appraisal Report)
*Purchase Price:
$1,000,000.
*Rehab Budget:
$435,000
*Loan Request:
$1,450,000 ($1,500,000 ARV x 80% = $1,200,000. Total Loan)
*Closing Date:
08/12/2022
*How much cash /equity is the borrower prepared to put into this project?
$425,000. (Cash /Equity For This Deal))
*How will the loan funds be used?
Purchase of the Property
*Exit Strategy?
After the Property is stabilized (12 Months) Borrower plans to Refinance the Property into a long term loan.
*Estimated Credit Score.
605
==========================================================
--Property Type: Specialty
--Property Sub type: Religious /Educational
--Zoning: Commercial
--Building Size: 32,413sqft.
--Year Built: 1962
--Land Acres: 2.72 Acres
--Opportunity Zone: Yes
--Frontage: Yes
--Amenities: Corner Lot, Good Traffic Count
--Property Description:
This Magnificent School Facility that was formerly an Active Church is located in an established neighborhood in La Marque TX. Built in 1962, the property is currently under a major remodel and updating project that will bring this building back to some of it's former glory!! With over 20,000sqft. of classroom space, it is a Great charter school, an educational institution, with a daycare. There's a full-service kitchen, 2 medium size warehouses in the back of the property, and brand new amenities too numerous to mention. This property did Not flood during Hurricane Harvey and has never taken on flood waters. Located 1 block from Hwy 3 /Galveston Rd, just minutes away from Hwy 45, and only a short drive to downtown Houston, TX.
=====================================
*Loan Type:
Purchase Loan
*Number of Buildings:
3 Total (1 Main Building and 2 Small Warehouses)
*Monthly Taxes
$856
*Monthly Insurance:
$427
*Current As-Is Value:
$1,500,000. (Appraisal Report)
*Purchase Price:
$1,000,000.
*Rehab Budget:
$435,000
*Loan Request:
$1,450,000 ($1,500,000 ARV x 80% = $1,200,000. Total Loan)
*Closing Date:
08/12/2022
*How much cash /equity is the borrower prepared to put into this project?
$425,000. (Cash /Equity For This Deal))
*How will the loan funds be used?
Purchase of the Property
*Exit Strategy?
After the Property is stabilized (12 Months) Borrower plans to Refinance the Property into a long term loan.
*Estimated Credit Score.
605
==========================================================
Status
Closed
Created
November 4, 2022 - 8:44am
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