Loan amount
$150,000
Loan type
As-Is Property Value
$200,000
LTV
75%
{LTV}
Property type
Commercial
Borrower Details
Credit score
620
Deal experience
3 deals
This loan scenario was submitted by a Broker
Property Details
State
Illinois
Loan Details
Additional Loan Information
2 buildings will contain owner resident and hotel suites, restaurant, bakery, banquet space and office. Purchase price only $15K. Located in Lincoln, Illinois. Renovation budget $135K. The business at 5 percent occupancy should make around $900K with a profit of $200-300K. Our town has been hit by an investor gone bad who owned most of the town. This same man has shut down our chamber and economic development programs. Banks in the area aren’t lending to new business. I have a complete business plan and have had several successful businesses. Renovations should only take a few months. ARV at least $200K. Not yet in contract. Loan duration 2-5 years.
Status
Closed
Created
March 30, 2020 - 10:06am
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