Loan amount
$7,800,000
Loan type
As-Is Property Value
$9,900,000
LTV
79%
{LTV}
Property type
SFH, multifamily, commercial, and mixed use
Borrower Details
Credit score
650
Deal experience
31 deals
This loan scenario was submitted by a Broker
Property Details
State
South Dakota
Loan Details
Additional Loan Information
Looking to consolidate and refinance all of my properties given new market conditions with an interest-only 2 year bridge loan. Mix of commercial, mixed use, multifamily, and single family homes. Total owed is $7.8M and all of the properties located in Aberdeen, SD. Looking for an interest only payment that’s in the ballpark of $40K-$50K/month. I can sustain that with operational costs and some flexibility just in case I start to experience higher vacancy rates due to coronavirus. Haven’t been impacted much yet since we’re so geographically isolated, but this is clearly interesting times. I currently generate $87K in gross rents and I have $30K in non-negotiable expenses (WSG, utilities, insurance, etc). Variable costs average $15K/month (repairs, maintenance, unexpected expenses, putting food on the table for me and my crew, etc). The remaining $42K/month can be used for debt servicing.
Status
Closed
Created
April 6, 2020 - 12:38pm
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