Loan amount
$468,000
Loan type
Purchase
{Rent&Hold}
As-Is Property Value
$650,000
{PP:$585,000}
LTV
72%
{LTV}
Property type
Restaurant/Entertainment
Borrower Details
Credit score
680
Deal experience
2 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Harbor Beach
State
Michigan
Loan Details
Purchase price
$585,000
Down payment
$117,000
Additional Loan Information
I have a purchase agreement on a commercial property - restaurant/bar/motel on 6+ acres of waterfront property. purchase agreement is for $585K - real estate (newly renovated restaurant/bar and motel rooms) is worth over 600K by itself. Liquor license is a resort license, worth over 100k, plus equipment valued at 25k. I'm looking for a fast close - bank was playing games and so were sellers - long story short I have 30 days left on my purchase agreement. Liquor license is in place, should be done within a week. What can you do quickly? I wanted long term financing, but I may have to just take what I can get for now and get longer financing later. What can you do with that, this is in Michigan. ARV value over $750K – time is an issue.
Status
Open
Created
October 10, 2021 - 12:33pm
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