Loan amount
$2,200,000
Loan type
Purchase
{Rent&Hold}
As-Is Property Value
$2,800,000
{PP:$2,400,000}
LTV
79%
{LTV}
Property type
Sports Facility
Borrower Details
Credit score
620
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
Property Details
City
Buffalo
State
New York
Loan Details
Purchase price
$2,400,000
Down payment
$200,000
Additional Loan Information
Looking to acquire an entertainment facility in Update NY with great cash flow, fully operational. Will be making some minor adjustments, but seeking the funding to cover just the purchase. No purchase price has been decided as of yet, but the ownership will be working with us to put together a great deal. Will need to go through an appraisal or BPO to determine value before we get an offer in writing, but we anticipate the value to be $2.5 - $3 Million in the current condition, which is nearly completely renovated. Only needs a few tweaks and we're looking for 50-80% of ARV, or maybe even less, to help close the purchase as well as for the coverage of long-term improvements to commence in the late fall. Seeking 12-18 month terms at an agreeable interest rate.
Status
Open
Created
March 23, 2022 - 1:17pm
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