dealcloser8
42 Posts |
 Posted - 05/21/2008 : 1:09:07 PM
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Need a commercial lender who able to provide financing to this type of property:
**70-75% LTV needed
**Institutional or private lending
The property has 4 Buildings and a large parking lot - 1 Building is a a 6000 square ft commercial building zoned Single Family Residential the types of uses includes Schools, Transitional Housing, Churches, Community Center, and Retail - Another Building is a 3 unit 1 bed, 1 bath Triplex. Another unit is a 2 unit 1 bed 1 bath duplex. The last unit is a small 2 bedroom house - all of these properties sit on a very large parking lot.
This is probate sale transaction. The purchase price is $850,000.00. The buyers already had 10% down deposited at escrow. One of the buyers who is a president of the Richmond Labor and Love Development. This is a non-profit organization which has developed many senior housing projects and community churches in Richmond area.
The purpose of the property would be used for rehab and re-entry tranining program to ex-inmate as well as to trouble youth.
Please contact me at 408-395-1410 x102 or email Howie@Saratogabancorp.com for further discussion.
Thank you.
Howie
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