mgraham224
1008 Posts |
 Posted - 05/26/2008 : 6:12:58 PM
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-720+ mid Score
-2 Jobs: 1. Full Time W2 with under 40% DTI from a conventional standpoint
2. Owns and operates laundromat, grosses 60k per year, nets 30k, methinks that be pretty nice DSCR.
- Assets: Yes (not sure how much)
- Currently leases location, 3 years +, profitable since inception, yada yada yada, perfect borrower, etc...
New Property:
- borrower wants to buy land and building and stop leasing.
- subject property is 22,000 square feet. Half the land is allocated for two SFR's. These are about 10-15k away from being good rentals.
- Other half of the land is bare, on a busy surface street with high rental density (i.e. good for laundromats). It's actually not far from his existing lease, so feasibility is top notch.
- He owns his own equipment, so all he wants:
- rehab SFRS: 30k (i've already talked to contractor, 30k is high)
- cheap and easy structure to house the equipment, steel frame, or whatever is favorable for investor. Our contractor or national steel frame company, your choice.
- nominal ancillary costs for permits, moving expenses, interest reserve if you want it, closing costs, etc...
Current value probably around 400k. Finished value with houses assuming no subdivision probably 600k, with subdivision probably 700k.
400k is the approximate cost to acquire and build.
Borrower can put down at least nominal 10% equitable contribution, and more if necessary, but we prefer less. Good cross collateral available: 2 SFR's (primary and rental) at approximately 50 LTV.
Let me know what you can do in terms of rates and points! All DD has been done. City is OK with renting out SFR's, fully mapped, zoned commercial, retail, MU, ready to order permits. Call me at 503-201-5858 or email matt@exinc.biz
Thanks!
Matt
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