Results 1 to 2 of 2
-
02-14-2024, 01:11 PM #1
- Join Date
- Jan 2024
- Posts
- 32
real estate deal in Colorado
the owner is looking for a $1,000,000 loan for a 2nd mortgage on the property in Frederick CO 80504. Hoping for 8% or better.
The loan will be contributing to building a $4.5M value solar farm, a $500K value ADU for rental income, and secured by the $2M value SFR already on the property and rented out. Total after improvement value of $7M, and a debt of $900K existing mortgage-NOT refinancing that as it is lower than 3%, and the $1M 2nd mortgage.
The solar farm is also being supported by grants, selling the tax credits and efficient construction.
After improvement revenue:
$20,000 Net from the solar farm
$4,000 Rent from the ADU
$5,2000 Rent from primary dwelling
$29,000 Gross Monthly Revenue
-$4,500 1st Mortgage
-$7,300 2nd Mortgage
$17,200 Net Monthly Revenue
Please let me know if you have a program for this, and what documents you need, thanks.
anthony 646 202 0095
anthony@simonsaysfunding.com
-
02-14-2024, 01:23 PM #2
So you have a $900K first at 3% and looking for $1M 2nd at 8%..That's not the way these types of deals typically work.
You need a construction loan and right now you are at 50% LTV on the horizontal it appears.
So put together a executive summary, resume of sponsors, business plan, use of funds and projections, ROI and exit strategy.
And plan to have 10% - 20% capital contribution.
Is it graded, permitted, entitlements, final map, shovel ready, etc.
Soft costs to shovel ready can be put in the construction loan.
Reach out if you want help with this....send me a packageLast edited by Olderguy; 02-14-2024 at 01:49 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
Similar Threads
-
Real estate deal
By Topcloser in forum Deal BinReplies: 5Last Post: 06-29-2021, 11:09 PM -
Real estate deal ny
By Fundster in forum All Other LendingReplies: 3Last Post: 04-09-2019, 02:43 PM -
Real estate deal ny
By Fundster in forum All Other LendingReplies: 0Last Post: 04-08-2019, 02:00 PM -
OK Real Estate Deal
By GAMEOFISO'S in forum All Other LendingReplies: 1Last Post: 05-07-2017, 09:41 PM -
Real Estate Deal Help
By TB-Commercial in forum Deal BinReplies: 1Last Post: 12-08-2016, 04:35 PM