Loan amount
$1,200,000
Loan type
As-Is Property Value
$1,600,000
LTV
75%
{LTV}
Property type
Apartment building
Borrower Details
Credit score
680
Deal experience
15 deals
This loan scenario was submitted by a Broker
Property Details
State
South Dakota
Loan Details
Additional Loan Information
36 unit property in a stable, growing Midwestern town with 2 colleges. The properties is solid late 70's construction in a great location with tremendous upside. I am already operating this property via a master lease with an option/PA in place. I have taken NOI from revenue from $12K/month to $20K/month since February. I have already renovated much of the property and made major improvements. We experienced strong demand and rent growth during COVID. The property suffered from absentee ownership previously. I would like 24-36 months for a bridge loan to secure long term, permanent financing. Property located in Aberdeen, SD.
Status
Closed
Created
September 22, 2020 - 3:28pm
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