Loan amount
$85,000
Loan type
As-Is Property Value
$125,000
LTV
68%
{LTV}
Property type
Commercial / Retail & Office
Borrower Details
Credit score
600
Deal experience
13 deals
This loan scenario was submitted by a Broker
Property Details
State
New York
Loan Details
Additional Loan Information
The 1st floor & 2nd floor have separate entry doors. The 1st floor is 1 storefront/retail rental. The 2nd floor are private offices where each office is rented by separate independent businesses. There's a conference room on the 2nd floor with monthly subscribers who pay a fee relative to the amount of use they intent to have. After fully rented, the building's total revenue will be $48,000 per year before building expenses. Property was purchased for $95K on 2/8/19. $30K spent on repairs and renovations. I'm looking for a refinance/cash-out to free up some cash and make lower monthly payments while this Coronavirus is affecting small businesses. Property located in Endicott, NY. I'm flexible on loan duration, as long as the monthly payments don't exceed $750/m - $850/m for the 1st year or longer.
Status
Closed
Created
April 10, 2020 - 9:45am
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