Loan amount
$160,000
Loan type
As-Is Property Value
$190,000
LTV
85%
{LTV}
Property type
Commercial / Office
Borrower Details
Credit score
715
Deal experience
1 deal
This loan scenario was submitted by a Broker
Property Details
State
Rhode Island
Loan Details
Additional Loan Information
I would like to purchase an office condo that my business (graphic design & marketing communications services) would occupy. I could potentially rent out one or two of the offices within the suite. The unit is under contract with me; I've put a 6% deposit down which the seller is holding in escrow. Will put down 30% in total. I've applied for a traditional CRE mortgage but was declined due to a couple of blemishes on my credit report from a number of years ago. Am looking for a loan that closely resembles a more traditional mortgage in terms of length and 20-30 yr. amortization. Property located in South Kingstown, RI. Estimated monthly rental income of $2,300.
Status
Closed
Created
June 23, 2020 - 2:41pm
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