Results 1 to 8 of 8
Threaded View
-
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.
Similar Threads
-
1st position term loan
By ks0807 in forum Merchant Cash AdvanceReplies: 1Last Post: 01-09-2016, 01:12 PM -
Large Pool contractor iowa - looking for 250k
By michaelh in forum Deal BinReplies: 5Last Post: 10-22-2015, 11:56 AM -
2.4 Mil for 200 unit apartment complex
By Brandon Seger in forum All Other LendingReplies: 2Last Post: 03-06-2015, 11:52 AM -
Bar/Restaurant plus 4 Unit apartment building.
By Shawn C. O'Neil in forum Deal BinReplies: 5Last Post: 12-30-2014, 03:14 PM