Commercial mixed use loan in Buffalo

Property & underwriting

Occupancy

Non-owner occupied

Units

8

Lien position

Second lien

As-is value

$995,000

LTV (as-is)

65.3%

Purchase price

$959,000

After-repair value

$1,193,000

Loan-to-ARV

54.5%

Rehab budget

$71,000

Existing liens

$195,000

Exit strategy

Lease-up then refinance

Borrower experience

First-time investor

Credit score range

750-799

Borrowing entity

S-Corp

Funding timeline

45-60 days

Additional collateral

Mixed Use at Buffalo, NY

Use of funds

Acquisition + rehab

Deal summary

Purchase on a mixed use in Buffalo, NY. Borrower is seeking $650,000 at up to 12.36% for 9 months. Lease-up then refinance.