Loan amount
$630,000
Loan type
As-Is Property Value
$700,000
LTV
90% {LTV}
Property type
Commercial / Warehouse & Office
Borrower Details
Credit score
825
Deal experience
2 deals
This loan scenario was submitted by a Broker
Property Details
State
Virginia
Loan Details
Additional Loan Information
My business is pursuing a building approx. 7350 sq ft that is combination warehouse / industrial free standing building to relocate our business. Property located in Fredericksburg VA. We occupy a 3600 rental space in Woodbridge VA and needing to relocate to larger space to accommodate growth. I looked into a 504 and conventional loans and while the business cash flow supports the loans, they wanted to see a stronger global cash flow - my personal cash flow is not as strong due to a few personal investment properties that I own (+10 years) that still have mortgages on them. I'm looking for a loan that offer me a 25 yr amortization at a competitive rate. Can put 10% down. Already in contract.

I could offer up one of my personal properties that would give the lender a very strong collateral position of approx. 2:1. They are residential rental properties that are fully occupied. One is located in Chicago - Edgewater Neighborhood and other is located in Washington DC - Blommingdale Neighborhood. Chicago - Value $1,050,000, owe $340,000. Washington DC - Value $1,090,000, owe $485,000.
Status
Created
July 1, 2020 - 10:31am

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