Loan amount
$495,000
Loan type
As-Is Property Value
$820,000
LTV
61% {LTV}
Property type
Commercial
Borrower Details
Credit score
450
Deal experience
5 deals
This loan scenario was submitted by a Broker
Property Details
State
Tennessee
Loan Details
Additional Loan Information
Owned three residential properties outright. Invested in two commercial properties. Have two loans from Reliant Bank that was business debt that was financed when business was closed. Credit history is fantastic until recently. Able to find the worst attorney in Tennessee. He filed a quick bankruptcy to try and retrieve garnished funds. Unsuccessful. Would like to pull equity out of both commercial properties in order to pay off Reliant Bank at 6.6%. First property is located in Murfreesboro, TN, is a 3,200 sq. ft. office/automotive/sales building, appraised at $410K this month and I owe approximately $245K. Second property is located in Huntsville, AL, is a 5,000 sq ft. retail center with five (5) 1,000 sq. ft. bays, estimated current value of $475-500K, no liens. Prefer 2 loans at 15-year fixed APR.
Status
Created
April 21, 2020 - 8:40am

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