California Hard Money Deal - Active

655

2 deals

No

Eloy

California

$5,800,000

$1

Commercial 105 unit motel 6 Hotel Bluestone which is under contract for 5.8 million. The property is located in a rural location in Eloy Arizona. Due to the rural location the USDA is willing to fund a portion of the purchase amount given the loan. The commercial building is already zoned for residential living, and commercial building is being renovated and is now in at the 90% renovation stage and will be complete before closing date. Have full ARV appraisal report which has been done recently as well as the contract. Would like to receive 70%-100% financing for the purchase. Seller is willing to Seller finance commercial building contingent on the approval loan amount. The purpose of this loan is for the purchase of Hotel Bluestone and our terms exit strategy is to purchase the commercial building, receive up 80% of the equity in a 30 day period after purchase. Those funds will then be convert and renovate the 105 units into MFU in which it is already permitted for. NOI of the commercial building Hotel Bluestone is 400K-500K per year and given our new government housing strategy we are expected to make triple the NOI.