Commercial
Posted 25d agoCommercial industrial loan in Columbus
$650,000
Location
Columbus, OH 43215
Target rate
10.51%
Term
1 yr
Property type
Industrial
Property & underwriting
- Occupancy
- Non-owner occupied
- Units
- 2
- Lien position
- Second lien
- As-is value
- $970,000
- LTV (as-is)
- 67.0%
- Purchase price
- $925,000
- After-repair value
- $1,128,000
- Loan-to-ARV
- 57.6%
- Rehab budget
- $89,000
- Existing liens
- $195,000
- Exit strategy
- Refinance into 30-yr DSCR
- Borrower experience
- 2-5 deals completed
- Credit score range
- 700-749
- Borrowing entity
- S-Corp
- Funding timeline
- ASAP (7-10 days)
- Additional collateral
- Industrial at Columbus, OH
Use of funds
Refinance existing hard money
Deal summary
Purchase on a industrial in Columbus, OH. Borrower is seeking $650,000 at up to 10.51% for 12 months. Lease-up then refinance.