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kurt
72 Posts |
 Posted - 05/20/2008 : 2:06:55 PM
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Anyone doing funeral home Purchase?
780+ score
380,00 Purchase price
30K down payment
Seller will hold 30K 2nd
150K yr. profit
Client has 100K equity in current funeral home he owns
I don't think anyone will do this but if so let me know
THANKS.. |
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ktucker
56 Posts |
Posted - 05/20/2008 : 2:31:12 PM
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| Give me a call |
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EMScommercial
5138 Posts |
Posted - 05/20/2008 : 3:09:16 PM
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Well....
First of all...
No way in the world you can get a special use property to finance only putting 7% down..... sorry!
Even with the seller held second - that still puts the ltv at 86%...
Max ltv on a funeral home (unless it is SBA <--- long shot there) would be closer to 70-75%...
Sorry for the bad news....
Of our 365 total lending sources 99 will actually fund a funeral home....
While they can be thought of as gross to some people, if operated correctly they are quite profitable.....
Have a nice night... |
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PinnaclePeters
1113 Posts |
Posted - 05/20/2008 : 3:17:42 PM
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Can do on a 30 fixed with no balloon and no "lock-out". Or an ARM if you like. Not much difference in rate right now...
No on-site crematorium or burial sites, though.
Needs 10% of his own funds in the deal, seller can hold up to 90% CLTV (or perhaps that note could be tied to buyers other FH...I'm just sayin'...)
60 day source/season, 2 months PI in reserves. No escrows for taxes/insurance.
YSP up to <2.00> available.
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simply commercia
77 Posts |
Posted - 05/21/2008 : 11:30:31 AM
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| we fund on funeral homes however a special use is a high risk property so you will need to come in with more down. we do has programs that allow seller held 2nd. |
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