New Mexico Hard Money Deal - Close

780

25 deals

New Mexico

Apartments, commercial retail, office, restaurant. Refinance existing property. Four years cash flow available. I’m looking for lower interest, and to refinance a balance on a personal loan for cattle losses. All of the properties are owned corporately. There are four commercial buildings and a commercial lot, on Coors Blvd. NW, in Albuquerque NM, and six duplexes in Clovis NM. There is currently a $3,350,000 loan on the buildings in Albuquerque, and a $300,000 loan on the commercial lot adjoining one of my buildings there. The duplexes in Clovis NM are pledged on a cattle line with FNB of NM, in Clayton NM, where I operate a cattle business. The Coronavirus has caused the price of cattle to go lower, and I already had a previous loss. I am shutting the cattle business down, refinancing the debt, and retiring. I am 68 years old. I have four years rental income records, as that is how long I have owned the properties. It is 100% rented at this time. I have bought and sold about 25 farms and ranches of my own, some of which I rented out at times, and the above six properties, in my career. I am a licensed NM Real Estate Broker, and have had extensive experience with agricultural and commercial properties. I would like a 20 year loan. I have been getting a 7 year fixed at 4.25%, but am currently getting a net rate of 3.6%, on an agricultural property.