Posted by Essadi Financial, LLC on October 07, 2003 at 11:48:59:
Hi Clint,
Sounds like a sweet deal!!! You may want to contact Interbay Funding. Looking at the possible value you have in the deal, I believe they offer a little higher LTV.
Commercial Loan 60% LTV - Posted by Clint
Posted by Clint on October 07, 2003 at 02:59:09:
The commercial property originally listed @ 1.8M Seller is in poor health so he lowered the price to 1.3M The owner will carry 500K loan @ 1% over bank rate and I need 800K down. Or, I could try to get a loan for the 800K and subordinate his carryback loan. Is this feasible with no down? Another possiblility is to sell some of the land to generate funds. There are 7 1/2 acres of land, (2) 10,000 sq. feet buildings currently leased until 2009. Not sure how many acres are being leased with the two buildings, I am meeting with the seller tomorrow. The agent also mentioned one of the tenants might be interested in having the owner build another 10K sq ft building for him to rent. This would bring in another 5000 to 5500/mo. I was considering getting a consctruction loan after purchase, provided the tenant is willing to sign a lease. Taxes currently are 9500/yr, insurance I am getting a quote, gross rents are 11,400/mo. Are there any angles I can use here?
Re: Commercial Loan 60% LTV - Posted by Clint Kajinami
Posted by Clint Kajinami on October 07, 2003 at 22:09:15:
The property is located in Missouri. The property is located right off two major highways, with 4 acres of land that is available to be developed. In addition, there is enough room to build one 10K sq ft. building, maybe more, next to one of the existing buildings. It is all zoned M1, which I understand is the best.