Loan amount
$500,000
Loan type
As-Is Property Value
$530,000
LTV
95%
{LTV}
Property type
Business
Borrower Details
Credit score
763
Deal experience
None
This loan scenario was submitted by a Broker
Property Details
State
Texas
Loan Details
Additional Loan Information
Buying a classic car business with over $488,800 worth of cars and $41,328 worth of equipment. Purchase price $500K; less than the total value of the assets. $0 down. The business made $83K in profit the first quarter of 2020. We are looking for the right bank/loan, with the best terms. and then after we get a pre-approval letter we will be under contract. Loan duration 10+ years, and I'll be the sole guarantor and you'll have the first lien on all assets.
Status
Closed
Created
August 19, 2020 - 8:27am
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