Loan amount
$2,300,000
Loan type
Refinance
{Cash-Out}
As-Is Property Value
$3,100,000
LTV
74%
{LTV}
Property type
Restaurant/Entertainment
Borrower Details
Credit score
585
Deal experience
6 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Hemet
State
California
Loan Details
Current mortgage balance
$1,800,000
How much cash-out are you looking for?
$500,000
Additional Loan Information
REFI with Additional cash to upgrade the property:
Market Value of all (4) lots $4.2M, (1) lot with Commercial property listed at $3.1M with existing loan of $1.8M, looking to replace present loan and at least $500K-$750K cash for upgrade of Commercial property.
Objectives:
-Increase Wedding facility monthly revenues with property upgrade.
-Introduce: Health & Beauty SPA facility from our successful branches in Baja California.
-Introduce: Motor Cross Kids Camp projected to bring in $25-$50K per month
https://emeraldgroveestates.com/
Recent Payoff of $300K on 8/23 in one lump sum, prior loan $2.1M now reduced to $1.8M, Loan Modification Dox available.
Parent company also is publicly traded under stock symbol (ILAL) "International Loan Alliance" with numerous properties owned in California & Mexico. Stock Options Available if necessary. Publicly Traded Company has recently been awarded $8M (Stock Equity ELOC's) post an S-1 filing, which can also be used as part of the "Exit Strategy" for new Hard Money Loan.
David Adams
dadams@jhdarbie.com
Market Value of all (4) lots $4.2M, (1) lot with Commercial property listed at $3.1M with existing loan of $1.8M, looking to replace present loan and at least $500K-$750K cash for upgrade of Commercial property.
Objectives:
-Increase Wedding facility monthly revenues with property upgrade.
-Introduce: Health & Beauty SPA facility from our successful branches in Baja California.
-Introduce: Motor Cross Kids Camp projected to bring in $25-$50K per month
https://emeraldgroveestates.com/
Recent Payoff of $300K on 8/23 in one lump sum, prior loan $2.1M now reduced to $1.8M, Loan Modification Dox available.
Parent company also is publicly traded under stock symbol (ILAL) "International Loan Alliance" with numerous properties owned in California & Mexico. Stock Options Available if necessary. Publicly Traded Company has recently been awarded $8M (Stock Equity ELOC's) post an S-1 filing, which can also be used as part of the "Exit Strategy" for new Hard Money Loan.
David Adams
dadams@jhdarbie.com
Status
Open
Created
October 4, 2023 - 11:41pm
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