Property Details: This property, boasting 87,000 square feet across four stories, occupies a 1.6-acre plot and encompasses 148 units. Originally acquired in 1998 for $410,000, it stands fully equipped and operational.
Transaction Overview: The current payoff for the property exceeds $2.5 million, with annual taxes totaling $40,000 and insurance costs of $12,000. Anticipated to conclude in October 2023, the transaction currently maintains an occupancy rate of 25%, generating $36,000 in monthly rental income. Furthermore, the property is estimated to hold a real estate value of over $7 million.
Loan Request: Seeking $3.5 million, equivalent to 50% of the estimated property value of $7 million, the requested loan term ranges from 12 to 24 months. The funds will serve to pay off the existing loan, allocate $400,000 for minor capital improvements, and facilitate business stabilization. The exit strategy involves securing an SBA loan.
Sponsor Profile: The sponsor boasts a FICO score of 750+, possesses $500,000 in liquidity, and brings over 30 years of experience in Commercial Real Estate, managing a diverse portfolio of 300+ units.
Lending Reach: Lending services extend across multiple states, encompassing WA, OR, ID, NV, CA, UT, AZ, AK, CO, and HI.
