Loan amount
$500
Loan type
Refinance {Rent&Hold}
Property value
$350,000
LTV
0% {LTV}
Property type
Industrial/Warehouse
Credit score
638
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
City
Detroit
State
Michigan
Current mortgage balance
$1
Additional Loan Information
I own a Industrial Warehouse that needs some roof repairs, plumbing and hvac upgrades to attract a more sophisticated lessor like a manufacturing company or somthing of that sort. The building has a M3 rating so any type of industry can work in the property which is also located in Detroits island view neighborhood to lease the property is roughly 14000 sqft with a parking lot, so a midsize or mid large company can easily use. I recently had an offer from a company to lease 10,000sqft of the property and only wanted upgrades on hvac and roof repairs that was only two months ago. So my plan is to make some major upgrades to the property to drive its rental value up and achieve a lease along the lines of 7-10k for the entire building.
Status
Created
September 21, 2021 - 12:13am

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