Loan amount
$375,000
Loan type
As-Is Property Value
$475,000
LTV
79%
{LTV}
Property type
Commerical
Borrower Details
Credit score
800
Deal experience
1 deal
This loan scenario was submitted by a Broker
Property Details
State
Michigan
Loan Details
Additional Loan Information
Business acquisition of a Motel/Resort/Campground. In contract. The purchase price is $475K. Located in Ontonagon MI. The business is an existing 25 room motel with 5 additional cabins full season along with a campground and additional 60 acres of land with timber rights (and possible mineral rights from State for purchase). Located near a ski resort and national park. There are only two hotels in the area with 350 rooms total in the area with 50,000 visitors per month. Currently the business only operates 5 out of 12 months, due to the elderly age of the owners they average $22,000 a month during their time open breaking down to about $10,000 per month all year. We plan to open all year being that winter is their busy season.15 - 20 years loan duration ideally. $100,000 cash down.
Status
Closed
Created
October 24, 2019 - 2:31pm
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