Loan amount
$50,000
Loan type
As-Is Property Value
$180,000
LTV
28%
{LTV}
Property type
Church
Borrower Details
Credit score
740
Deal experience
4 deals
This loan scenario was submitted by a Broker
Property Details
State
South Carolina
Loan Details
Additional Loan Information
Pelzer Presbyterian Church, 200 Lebby Street, Pelzer SC 29669. This property is on the National Historic Registry. The congregation was merged out of existence in 2015. The building has been leased ($650 per month) since 2015 to an independent church group. My non-profit desires to buy the building to insure that its historic character is preserved and maintained. The building is in fairly good shape, but as for any building that is 140 years old, it needs regular maintenance and care. The seller is the local presbytery and I believe they will accept an offer of $50,000. I am looking for a loan of short duration (5-10 years) to be repaid by the sale of other property owned by my family in the general area. Property appraised for $180,000 in 2017. Fully furnished with mahogany pews, Tiffany stain glass windows over 100 years old and a Jardine pipe organ.
Status
Closed
Created
August 21, 2020 - 2:40pm
Hard Money Lenders Now Offering Real Estate Investor Loans in South Carolina Charleston | Columbia | Mount Pleasant | Rock Hill | Greenville | Summerville Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans