Loan amount
$365,000
Loan type
As-Is Property Value
$365,000
LTV
100%
{LTV}
Property type
Commercial / Warehouse (converting to residential)
Borrower Details
Credit score
689
Deal experience
5 deals
This loan scenario was submitted by a Broker
Property Details
State
Virginia
Loan Details
Additional Loan Information
Acquisition & conversion of 60,000/SF warehouse with parking lot. Converting in to apartment building. Ready to put under contract. 20% of conversion construction cost given back by State in form of grant one year after construction completion.10 year no real estate taxes, additional incentives available, after under contract. Conversion costs will be accomplished through construction loan. The costs that will be covered until construction loan placement will be survey, architectural, planning & permits, legal. Property located in Lynchburg Virginia. One year, interest only, payments deferred, until construction/perm loan placed.
Status
Closed
Created
May 4, 2020 - 9:15am
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