IL, Office, Refinance, $650K, FICO, 60% LTV
Posted on 3/2/2014 4:26:00 PM
My client owns a 12,000 sq. ft. office building in a low income area of East St. Louis, Illinois. The location is by design as many of her medicaid and medicare patients are in close proximity. The business is a Licensed and Certified Medicare/Medicaid Home Health Agency. The owner ran into her problems stemming from the huge cuts in funding in the 1998 to 2000 period. This caused 30% of these agencies to go bankrupt as the government initally stated the cuts would last 3 to 6 months. In actuality they lasted three years. Druign this time the owner tried to self fund her business with personal credit cards etc. She survived but her credit scores suffered as did payments for other expenses such as property taxes and the like. The use of funds to to refi and payoff the current lender plus provide funds to pay past due property taxes.
There is a full package that I can send in my Drop Box should you be interested in this deal. There is cash flow to service the debt as the business is improving. Thank you.