Loan amount
$160,000
Loan type
As-Is Property Value
$210,000
LTV
77%
{LTV}
Property type
Mixed use
Borrower Details
Credit score
500
Deal experience
None
This loan scenario was submitted by a Broker
Property Details
State
Indiana
Loan Details
Additional Loan Information
Looking to purchase a mixed use property at 100 E Main St, Washington, IN 47501. The property is two buildings side by side. It contains a bar/restaurant on the bottom floors of the two buildings, and an apartment above each one for a total of two. I plan to rent out all units. I was working with a broker on a 50% funding and 50% seller financing deal, but its taking too long to close the deal. Its been about 4 months and the seller won't keep extending the deal. I've already paid a company for the commercial appraisal that came back at $210,000. Seller wanted 170k and i've already paid 10k in earnest to her. I don't have any more cash for down payment, closing costs. Looking for around a year just to bridge through until i can get a more long term loan with better terms.
Status
Closed
Created
January 2, 2020 - 3:02pm
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