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RMorgan
17 Posts |
 Posted - 03/27/2008 : 09:45:01 AM
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I have the following scenario:
A commercial/industrial frozen food warehouse in MI.
Last years actual NOI was $384,500
37,050 sq-ft 100% occupied by a single tenant
Current Tenant has occupied building since 1996
Current Tenant signed a new 20 year lease in 2006 - so 18 years remain on the lease.
I have the financial statements for both the building and the tenant, both look strong.
I have a copy of the lease which has a base amount + .5% of the tenants sales.
The lease is a NNN lease with all maintenance, insurance and tax payments passed on to the tenant.
Purchase Price: $3,600,000 (10.7% CAP)
Borrower would like to leverage this to 90% LTV ($3,240,000 loan amount)
Borrow will be pulling funds out of another business venture for down payment, so funds will not be seasoned.
Loan will be made to an LLC members of the LLC have FICO scores in the Mid 600 range.
Can any lenders help? |
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lexycris
35 Posts |
Posted - 03/27/2008 : 09:58:47 AM
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| Call me 631 255 2383 Susana |
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RMorgan
17 Posts |
Posted - 03/27/2008 : 10:36:57 AM
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Susana,
I left a voice mail. |
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ComLender
1194 Posts |
Posted - 03/27/2008 : 11:03:27 AM
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| I'd be very interested, though I'm not sure we'd offer 90%. |
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swmsn
4181 Posts |
Posted - 03/27/2008 : 8:35:30 PM
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90% on this will not happen. For a Warehouse you are lower than 90%.
Strong deals maybe 80% or 85% but typical is 70-75%.
If your borrower can come up with more money your good.
Email me if the borrower is able to come find more money. |
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mortgagemessiah
7413 Posts |
Posted - 03/27/2008 : 8:37:51 PM
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quote:
Originally posted by RMorgan
I have the following scenario:
A commercial/industrial frozen food warehouse in MI.
Last years actual NOI was $384,500
37,050 sq-ft 100% occupied by a single tenant
Current Tenant has occupied building since 1996
Current Tenant signed a new 20 year lease in 2006 - so 18 years remain on the lease.
I have the financial statements for both the building and the tenant, both look strong.
I have a copy of the lease which has a base amount + .5% of the tenants sales.
The lease is a NNN lease with all maintenance, insurance and tax payments passed on to the tenant.
Purchase Price: $3,600,000 (10.7% CAP)
Borrower would like to leverage this to 90% LTV ($3,240,000 loan amount)
Borrow will be pulling funds out of another business venture for down payment, so funds will not be seasoned.
Loan will be made to an LLC members of the LLC have FICO scores in the Mid 600 range.
Can any lenders help?
It's going to depend where it is in Michigan and what the DSCR is. I'm from there. I may be able to help or point you in the right direction. |
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dwallace
459 Posts |
Posted - 03/27/2008 : 8:45:00 PM
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I don't want to seem negative but in this market I don't see a special-use cold storage investment facility being done at 90%. I would love to be proven wrong, so if you get a legitimate offer please let me know.
I may be able to help if we can somehow cash out some proceeds from another investment to get this deal down to 75% LTV.
Please follow up with me and let me know if I can help or how you get this deal done. |
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RMorgan
17 Posts |
Posted - 03/27/2008 : 9:39:17 PM
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| The borrower is willing to bring $460,000 to the table and the seller is willing to carry a second if that helps... |
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service1
241 Posts |
Posted - 03/28/2008 : 07:32:19 AM
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Ruben,
Your scenario appears to be a good candidate for an SBA 504 loan; 50% conventional 1st funded by us and 35-40% 2nd SBA/CDC. Current blended rates are in the 6's. Please call to discuss. |
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