Loan amount
$2,150,000
Loan type
As-Is Property Value
$7,000,000
LTV
31%
{LTV}
Property type
24 unit assisted living facility / apartment
Borrower Details
Credit score
600
Deal experience
None
This loan scenario was submitted by a Broker
Property Details
State
Texas
Loan Details
Additional Loan Information
Acquisition Price: $400,000
Extensive Rehab Cost: $1,400,000
Total Loan Amount: $2,149,901 (closing, holding cost added to loan)
ARV: $6,400,000 to 7,000,000 (30 to 31%ARV)
Exit: Refinance @ 75% LTV
Description:
Situated on an acre(1.03 ac) lot is a single storey 16,142 sq ft building that requires an extensive rehab.
Subject property is currently vacant and because of its close proximity to the major city and hospital, its best use is to rehab run as an Assisted Living / Skilled Nursing Facility. This place was originally permitted for 83 beds with most of its residents being either Medicare or Medicaid paid. At the time facility closed about 2 years ago, they had 37 residents.
The extensive rehab will require cost of about $1.4 million. It is the intention of buyer to bring property up to par, obtain the licensing to run this as an upscale/ luxury private pay Assisted Living/ Skilled Nursing and Dementia Facility.
Assisted living facilities in Texas have an average rental cost of $3,500.
The following information takes the low assumption of $3000 in rents for private room and $2500 each for shared room. Total of 24 rooms (22 single tenant and 2 shared).
Based on the values on our Proforma Financial Statement this property can generate $668,160 in annual net income. Assuming a conservative 9.55% cap rate this property would have a valuation of $6,380,928 on a very low conservative end.
Waiting for the seller to endorse contract. Located in Houston, TX. Loan term of 18-24 months. I am a broker representing my client.
Extensive Rehab Cost: $1,400,000
Total Loan Amount: $2,149,901 (closing, holding cost added to loan)
ARV: $6,400,000 to 7,000,000 (30 to 31%ARV)
Exit: Refinance @ 75% LTV
Description:
Situated on an acre(1.03 ac) lot is a single storey 16,142 sq ft building that requires an extensive rehab.
Subject property is currently vacant and because of its close proximity to the major city and hospital, its best use is to rehab run as an Assisted Living / Skilled Nursing Facility. This place was originally permitted for 83 beds with most of its residents being either Medicare or Medicaid paid. At the time facility closed about 2 years ago, they had 37 residents.
The extensive rehab will require cost of about $1.4 million. It is the intention of buyer to bring property up to par, obtain the licensing to run this as an upscale/ luxury private pay Assisted Living/ Skilled Nursing and Dementia Facility.
Assisted living facilities in Texas have an average rental cost of $3,500.
The following information takes the low assumption of $3000 in rents for private room and $2500 each for shared room. Total of 24 rooms (22 single tenant and 2 shared).
Based on the values on our Proforma Financial Statement this property can generate $668,160 in annual net income. Assuming a conservative 9.55% cap rate this property would have a valuation of $6,380,928 on a very low conservative end.
Waiting for the seller to endorse contract. Located in Houston, TX. Loan term of 18-24 months. I am a broker representing my client.
Status
Closed
Created
January 4, 2020 - 11:27am
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