Loan amount
$1,000,000
Loan type
Purchase {Rent&Hold}
As-Is Property Value
$1,650,000 {PP:$1,200,000}
LTV
61% {LTV}
Property type
Other Commercial
Borrower Details
Credit score
630
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Gray
State
Maine
Loan Details
Purchase price
$1,200,000
Down payment
$200,000
Additional Loan Information
The property is in Gray, Maine. Former restaurant and newer pub of 60+ year's. I will be reopening the pub as a lounge, need to renovate the commercial kitchen ( mostly newer equipment ). The property sits on an atv and snowmobile trail head (entrance) my goal is to use remaining space for recreational rentals and sales. (Atv,atv pop up towable campers,kayak,ice shack ,paddle boards ext...Will offer a retail store with all outdoor recreational accessories. Including take out food cold beverages, and many other items to appeal to our customers. We will be the only one in this area to offer these services and rentals. There is an ice cream market with drive and walk up windows to serve our customers. There is a lease agreement with a church occupying the second floor. . Their rent is $3300.00 monthly, with 3 1\2year lease left. I'm the only person the owner has approached due to my experience in these fields, and my references from other professionals which I have worked with in the past. The seller is willing to carry a second for as long as needed. Gray, Maine is a small and growing town with 5 major intersection. Traffic count is great, visibility is perfect, and the property sits in the ideal location.
Status
Created
January 22, 2021 - 11:25am

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