Loan amount
$225,500
Loan type
Refinance
{Cash-Out}
As-Is Property Value
$500,000
LTV
45%
{LTV}
Property type
Retail/Strip Mall
Borrower Details
Credit score
650
Deal experience
10 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Harrison
State
Arkansas
Loan Details
Current mortgage balance
$1
How much cash-out are you looking for?
$225,000
Additional Loan Information
Three story commercial building w/ full basement. (4 levels in total) In the newly made entertainment district on the square in Harrison, AR. 25000+ sq.ft. I am turning it into a Mall. Public interest has been very good. First two floors are ready for renters. Several leases signed. More coming in January. Still need to renovate the south end of the top floor. The property is owned with clear title, no liens and/or encumbrances. (Paid cash for it)
If it doesn’t make a good rental prospect I would sell it after 12-18 months. I’ve managed rentals for about 15 years and ran my own properties for the last four. I’ve done several rehab and rent. I’ve also done three fix and flips. And a couple raw acreage deals.
The following is a general breakdown of the planned usage of the funds requested.
(60k) would be used for finishing renovation of the top floor.
(40k) to replace doors and lighting fixtures, as well as adding an ADA compliant lift to give access to all levels of the building.
(100k) would be set aside for misc. expenditures, price/cost discrepancy, Tenant improvement fund, and general safety net.
Thank you for your consideration and your time.
If it doesn’t make a good rental prospect I would sell it after 12-18 months. I’ve managed rentals for about 15 years and ran my own properties for the last four. I’ve done several rehab and rent. I’ve also done three fix and flips. And a couple raw acreage deals.
The following is a general breakdown of the planned usage of the funds requested.
(60k) would be used for finishing renovation of the top floor.
(40k) to replace doors and lighting fixtures, as well as adding an ADA compliant lift to give access to all levels of the building.
(100k) would be set aside for misc. expenditures, price/cost discrepancy, Tenant improvement fund, and general safety net.
Thank you for your consideration and your time.
Status
Open
Created
December 16, 2022 - 1:36am
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