Loan amount
$13,500,000
Loan type
Refinance
{Cash-Out}
As-Is Property Value
$32,000,000
LTV
42%
{LTV}
Property type
Other Commercial
Borrower Details
Credit score
695
Deal experience
7 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Santa Rosa
State
California
Loan Details
Current mortgage balance
$10,500,000
How much cash-out are you looking for?
$3,000,000
Additional Loan Information
***Read the details below***
Owned the property for 10 years
149k square feet of buildings
$254,882 rental income
6 buildings in the business park
8 tenants in total
****2 of the 8 tenants are cannabis ******
All tenants are NNN
3rd party power on property
All seismic retrofitted
We purchased it in 2015.
Purchased it for $6.2m;
Per borrower - we spent an additional $2m or so over the last few years with improvements (new roofs, payment, power upgrades, paving, etc.).
Our tenants have now spent about $20m in tenant improvements to the properties.
Owned the property for 10 years
149k square feet of buildings
$254,882 rental income
6 buildings in the business park
8 tenants in total
****2 of the 8 tenants are cannabis ******
All tenants are NNN
3rd party power on property
All seismic retrofitted
We purchased it in 2015.
Purchased it for $6.2m;
Per borrower - we spent an additional $2m or so over the last few years with improvements (new roofs, payment, power upgrades, paving, etc.).
Our tenants have now spent about $20m in tenant improvements to the properties.
Status
Open
Created
September 18, 2023 - 7:08pm
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