Loan amount
$1,925,000
Loan type
As-Is Property Value
$2,750,000
LTV
70% {LTV}
Property type
Commercial / Retail
Borrower Details
Credit score
650
Deal experience
2 deals
This loan scenario was submitted by a Broker
Property Details
State
Illinois
Loan Details
Additional Loan Information
Liquor store, convenice store, all within Marathon Gas Station. Station also has a Quiznos and Red Mango franchises within building. Will remove and remodel those stores and expanse the liquor part of the station, as both of the stores are owned by the Seller and do not show a profit. The liquor sales show 22-30% net and discussion with liquor distributors based on the large amount of space and an increase in offerings will generate in excess of $500,000 in yearly sales.

Purchase price $2.75M. Renovation is as follows: Construction - $14,666, Shelving and lighting - $13,000, Inventory needed - $60,000.

Currently in contract. Property located in Cary. Will be putting down $800k down towards the total investment.
Status
Created
November 18, 2019 - 11:58am

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