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06-22-2016, 11:05 AM #1
- Join Date
- Oct 2015
- Location
- Brea, California
- Posts
- 88
2nd Position Loan on an Apartment Complex in Iowa
I have a real estate investment Company in Iowa who is purchasing an Assisted Living Facility with 14 Suites. They already have a 504 SBA loan for the purchase but still need money for the down payment and extra money for working capital. They are looking for at least $200K but really want $400K.
Their total real estate assets are worth around 6.9 million with liabilities around 4.9 million. They own 21 income homes. They also own 2 24 unit apartment complexes that they are willing to cash out on. The apartments are worth around $2,500,000 and the 1st loan is for $1,734,000. That would put the LTV around 70%. A loan for $200K would put the CLTV at around 78%. The yearly rental income is $342K with expenses being around $112K.
There are 2 principals of the Company and both have a credit score between 700-720.
The Assisted Living Facility deal is supposed to close by 7/15 so time is of the essence.
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06-22-2016, 05:17 PM #2
Do they have any properties with less debt or at a lower LTV?
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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06-23-2016, 12:49 AM #3
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 720
The sba should allow them for extra working capital in the purchase of the building. Dont think you will get anywhere with that LTV in Iowa with a national lender.
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06-23-2016, 05:01 PM #4
This deal has been shopped all around the planet.... ive seen it twice and the broker they sent it to after i turned it down called me - this deal is dead !! - over leveraged.
Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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07-05-2016, 01:08 PM #5
This deal has been shopped so heavily and is so off balance I doubt you'll find much traction. I'm going to have to agree with the others here. You may be able to find them some more money but you are going to have to get a bit outside the box to do so.
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07-05-2016, 01:16 PM #6
- Join Date
- Sep 2014
- Posts
- 720
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07-05-2016, 01:31 PM #7
- Join Date
- Jun 2015
- Posts
- 3,312
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07-05-2016, 02:42 PM #8
Thanks, it came to me suddenly when I finally clicked to create an account after using this site for the better part of the last year without one. (got tired of not being able to use the built-in search function)
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