Loan amount
$1,700,000
Loan type
Refinance
{Cash-Out}
As-Is Property Value
$2,400,000
LTV
71%
{LTV}
Property type
Other Commercial
Borrower Details
Credit score
643
Deal experience
5 deals
This loan scenario was submitted by a Broker
No
Property Details
State
California
Loan Details
Current mortgage balance
$0
Additional Loan Information
Retail commercial seeking financing cash out on the land only. The land is currently unencumbered, the property recently appraised at $2.4M, it is NNN $87000/yr four more years left on the lease with two (5) year options. Lease is currently a flat lease until 9/2024. Car count is 48000/day corner lot with traffic light one block off major freeway with offramp across from McDonalds. Moratorium in Long Beach, CA on any new QSRs (Quick Service Restaurants). PHONE NUMBER INCLUDED
Status
Open
Created
December 16, 2020 - 8:58pm
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