Results 1 to 3 of 3
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10-12-2017, 06:05 PM #1
- Join Date
- Apr 2014
- Location
- Chicago, IL
- Posts
- 185
Commercial Hard Money
• Commercial cash out for a 2 unit building in North Carolina
• 1 unit is leased out to a vet clinic generating $4200/month gross
• 2 unit needs rehab/construction to the tune of $150,000 in repairs. There is no water/electricity currently in this unit but the other unit does.
• Property valued at $750K+ through a recent appraisal
• $330K first loan on it that has current payments deferred until March of 2018
• 800 score owner who has no additional income. Owns her own house F&C with $233K in equity.
• Wants $150K cash out of the property to complete remodel and then will do take out loan for a regular commercial
Bldng is not cashflowing and borrower doesn't want a MCA. Commercial HM lenders only please. Do not want syndicators or brokers on this one.
Thanks!
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10-13-2017, 12:28 PM #2
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
Adeel-
Question - You say above that the building is not cash flowing, but also one of the two units is generating $4,200/month gross.
Assuming everything above is correct, I might be able to pull out just enough cash to provide the client with their $150k.
Typically on a deal like this I have a 3 year term, 30 year Amortization, with rates in the 8% - 9% range.
Let me know if you want to discuss.
Best,
Dan Page
Boulder Equity Partners
Direct: (303) 938-8280
Dan@BoulderEquityPartners.com
www.BoulderEquityPartners.com
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10-17-2017, 09:34 PM #3
Emailed you.
Criton Capital, LLC
12508 W. Atlantic Blvd
Coral Springs, FL 33017
Tel: 786-210-5557
Fax: 786-228-0884
loans@critoncapital.com
www.critoncapital.com
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