Loan amount
$937,500
Loan type
Purchase
{Rent&Hold}
As-Is Property Value
$1,250,000
{PP:$1,250,000}
LTV
75%
{LTV}
Property type
Hotel
Borrower Details
Credit score
720
Deal experience
4 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Ithaca
State
New York
Loan Details
Purchase price
$1,250,000
Down payment
$312,500
Additional Loan Information
My client is looking at buying a property in Ithaca, NY. It's $1.25M and a boutique hotel and event centre (7 rooms, plus event centre). The seller is willing to lend me 50% owner financing, and I can put 25% down. Would your company be willing to lend me $ for the second position? $312,500.
Her credit score is 720 and all her financials are strong. The challenge right now is industry (banks are not willing to lend to hospitality right now) and timeline.
Let me know if this is something you might be interested in. I can provide more details, but most important is whether you'd consider a deal of this type. I don't want to take this to banks.
Her credit score is 720 and all her financials are strong. The challenge right now is industry (banks are not willing to lend to hospitality right now) and timeline.
Let me know if this is something you might be interested in. I can provide more details, but most important is whether you'd consider a deal of this type. I don't want to take this to banks.
Status
Open
Created
January 11, 2021 - 5:20pm
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