Land
Posted 7h agoLand acquisition in Cleveland
$1,800,000
Location
Cleveland, OH 44113
Target rate
9.10%
Term
9 mo
Property type
Industrial
Property & underwriting
- Occupancy
- Vacant
- Units
- 3
- Lien position
- Second lien
- As-is value
- $2,722,000
- LTV (as-is)
- 66.1%
- Purchase price
- $2,583,000
- After-repair value
- $3,258,000
- Loan-to-ARV
- 55.2%
- Rehab budget
- $525,000
- Exit strategy
- Refinance with bank takeout
- Borrower experience
- 6-15 deals completed
- Credit score range
- 800+
- Borrowing entity
- LLC
- Funding timeline
- 45-60 days
- Additional collateral
- Industrial at Cleveland, OH
Use of funds
Refinance existing hard money
Deal summary
Acquisition + rehab on a industrial in Cleveland, OH. Borrower is seeking $1,800,000 at up to 9.10% for 9 months. Refinance with bank takeout.