Loan amount
$75,000
Loan type
As-Is Property Value
$180,000
LTV
42%
{LTV}
Property type
Commercial
Borrower Details
Credit score
720
Deal experience
3 deals
This loan scenario was submitted by a Broker
Property Details
State
South Carolina
Loan Details
Additional Loan Information
The Church was built in 1883 and is listed on the National Registry of Historic Places. It is home to a classic Jardine pipe organ, Tiffany stained glass windows, and solid mahogany pews. The congregation of the church was "merged out of existence" in 2015 and the building has been leased at $650 per month since then. My primary objective is the preservation of this historic building. I am in negotiations with the local presbytery which owns the building. I can envision the building being revitalized as a wedding chapel, with room for a coffee shop, artisan space, small retail shops and offices. An appraisal from 2017 indicated the property value at $180,000. The presbytery has listed it for sale at $190,000, but their last offer to me was $100,000.
Status
Closed
Created
October 27, 2020 - 10:13pm
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