Loan amount
$400,000
Loan type
As-Is Property Value
$500,000
LTV
80%
{LTV}
Property type
Land / Parking lot
Borrower Details
Credit score
760
Deal experience
2 deals
This loan scenario was submitted by a Broker
Property Details
State
Ohio
Loan Details
Additional Loan Information
This is a request for a loan to purchase a parking lot that is adjacent to my client's business. Purchase price is still being negotiated - but plan to offer up to $500K (seller is seeking $1M). No contract as of yet Located in Cleveland, Ohio. Open to options in regard to loan duration. Lot will be used for business primarily - there is an existing business / building (Dog Day Care) - property can also be used for paid parking as it is in Downtown, Cleveland but this is not the primary intended purposes. Owner has other real estate with equity in excess of $200K that he can offer for additional collateral. The business is early stage first year operation with an existing SBA loan. I am a business consultant - previous banker who specializes in facilitating the capital side.
Status
Closed
Created
January 18, 2020 - 10:12am
Hard Money Lenders Now Offering Real Estate Investor Loans in Ohio Columbus | Cleveland | Cincinnati | Toledo | Akron | Dayton Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans