Loan amount
$180,000
Loan type
Purchase {Fix&Rent}
After Repair Value
$250,000 {PP:$95,000}
ARV
72% {ARV}
Property type
Restaurant/Entertainment
Borrower Details
Credit score
570
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
Property Details
City
Westville
State
Oklahoma
Loan Details
Purchase price
$95,000
Down payment
$5,000
Cost of improvements
$90,000
Estimated property value after repairs
$250,000
Additional Loan Information
Multibusiness Property Project. The owner of the property wishes to sell the property. There are several interested parties wanting to lease the space. The property is located downtown Westville. It is a area hungry for new businesses and housing. The project would consist of purchasing the property and remodeling it to suitable area for each business. The restaurant section needs a new dishwasher and a seating area. The front section would be remodeled for a small grocery section. The front left would be for coffee shop/quick breakfast for early factory workers. The two remaining sections need a complete remodel for a bar area and venue. Each section already has a business willing to rent the sections. Meaning, the sections are being remodeled as needed for these businesses to open. The largest expense is the HVAC system and an elevator. I am seeking to purchase the property and remodel it. The actual total rent for the combination of businesses will be $6500 a month. This is not an estimate, this is agreed upon set amounts. I am seeking someone to help us get started. I myself will be taking the back section for a freezer in order to import fish and seafood from Louisiana to distribute in this tri-state area. According to project estimate for my section, I would generate an average of 100K a month in sales due to pending contract. All other sections will be rented to individual businesses operating aa there own entity.
Status
Created
November 20, 2022 - 9:50am

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