FL, Commercial, Refinance, $2M, FICO, 60% LTV
Posted on 1/13/2015 8:00:45 AM
This loan is a true asset base loan and the property is own by a Church.
my Church client is looking for a private commercial loan for the amount of 1.8 M. The property is located in Miami, and the current value is at 2.9M with a current debt of 650k, which will be paid off from the loan. If possible, please call me Monday morning for more information at 305-502-5978.
Currently the property is vacant and the financials will not support the 1.8M loan amount requested.
The proceeds will be for renovation and to pay off the
mortgage balance of 650k.
Also, there will be a charter school on the property that will be lease out for about 15k per Month.
The strength of this loan would be the as is value of 2.9M.
Jean Castor, MBA