Loan amount
$149,000
Loan type
As-Is Property Value
$160,000
LTV
94%
{LTV}
Property type
Commercial / Retail
Borrower Details
Credit score
740
Deal experience
1 deal
This loan scenario was submitted by a Broker
Property Details
State
Illinois
Loan Details
Additional Loan Information
I’m looking to relocate my tenured insurance business of 15 years to a building I would actually own. This is a 2-unit storefront with a current tenant with a 5 year lease in place. I would move into the other unit and pay the expenses from the 2 business occupants. Purchase price $149K. I plan on spending $10-15K on renovations to bring the value up towards $160K+. Seeking 100% financing on the purchase plus closing costs. The building is in Midlothian, Illinois 60445. I’m not under contract because the seller is not utilizing a real estate company and the seller wants the proceeds immediately. The existing tenant is paying $1,250 per month. My insurance business would pay $1,000 in rent per month. I’m looking for a 30 year fixed mortgage rate, if possible. Not sure the norm on Commercial Loans. I can include my home as collateral, which is worth $160K and has $122K owed on it.
Status
Closed
Created
February 28, 2020 - 1:32pm
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