Loan amount
$85,500
Loan type
As-Is Property Value
$90,000
LTV
95%
{LTV}
Property type
Motel, Single family home
Borrower Details
Credit score
630
Deal experience
3 deals
This loan scenario was submitted by a Broker
Property Details
State
Kansas
Loan Details
Additional Loan Information
Looking to purchase a 2 bedroom home/office that also has a 6 room motel. Located in Chetopa, Kansas, in the middle of great fishing and hunting areas therefore stay busy most of the year. I am currently the general manager of a 64 room hotel and have worked every aspect of the hotel so I am confident I can run this hotel well and make enough to pay for itself and then some. It is not falling to the ground but could use some cosmetic work to entice more guests. I am in contact with the representative for the business and looking to move on it as soon as possible if all works out well. Asking price $90K. Looking to put down 5%. Plan to occupy the residence while I manage the motel. Most months when the fishing and hunting are prime (approx 9 mos yr) the income should be about $4000-$4500/month; slower times would be about $2000-$2500/month.
Status
Closed
Created
July 10, 2020 - 10:24am
Hard Money Lenders Now Offering Real Estate Investor Loans in Kansas Wichita | Overland Park | Kansas City | Olathe | Topeka | Lawrence Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans