Loan amount
$190,000
Loan type
As-Is Property Value
$475,000
LTV
40%
{LTV}
Property type
Commercial / Retail
Borrower Details
Credit score
661
Deal experience
5 deals
This loan scenario was submitted by a Broker
Property Details
State
Missouri
Loan Details
Additional Loan Information
Under contract to purchase commercial building. The building was originally a 3-unit storefront that has been converted into a 2-unit storefront. The building is 3800 square feet. All brick, with 19 parking spaces in the front. Purchase price $120,119.32. Closing on May 29 2020. We have already put $41.4K in to the building as well as $14.2K to the owners. Property located in St. Louis MO. We are planning to occupy one half with an Adult Daycare, and rent out the other side. Rental income will be $2,582 per month. Renovation budget $70K. ARV $449-496K based on similar buildings in the area. Flexible on loan duration.
Status
Closed
Created
April 9, 2020 - 8:21am
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