retail/office refi

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kmanc41

55 Posts

Posted - 06/02/2008 : 2:47:17 PM

Rate/Term refi
Main floor : cleaners (owner occupied) -$2500
Barber shop-$1900
Nail salon-$2200
2nd floor: accountant- $3380
approx sq ft of all units : 5000
All leases are triple and the tenants pick up ½ the taxes
Taxes : $20k-$25k
Insurance: $3k
Gross rents-$119,760
Wants to combine current mortgages into 1. Current mortgages are as followed:
1st – $450,000 15 year fixed (10yrs left) seller held
2nd - $120,000 HELOC w/ Chase
Credit is in the high 700’s

Matt W.

1801 Posts

Posted - 06/02/2008 : 2:57:51 PM

$10k gross rents will service $570k in debt just fine. Email or call with the exact credit score and expected value for a rate quote.
Thanks,

PinnaclePeters

1023 Posts

Posted - 06/02/2008 : 3:51:13 PM

How much of the 5000 square does our borrower use for his business?

swmsn

4205 Posts

Posted - 06/02/2008 : 4:27:56 PM

Rates should be 6%'s -7%'s 30yr Am depending on ltv.

Email the ltv and I'll send you a list of docs that are needed.
Should be a fast and easy loan if everything stays as shown.

gman1958

273 Posts

Posted - 06/02/2008 : 7:16:39 PM

kevin,

Sounds like a good deal on paper. the thing that concerns me is the cleaners. Do they have a plant on premises? have they had a phase I done recently? All else looks good. property should debt service...credit is good.

where is the location of the property?

Rates should be in the 6-7% range...

Please contact me to discuss...

thanks

kenvphan

452 Posts

Posted - 06/02/2008 : 10:01:45 PM

I can offer some of the best rates and terms on the market. We lend nationwide on many types of properties. Contact me at anytime to discuss.

kmanc41

55 Posts

Posted - 06/03/2008 : 08:07:38 AM

The cleaners is a satellite store which occupies approx 1/3 of the square footage. No dry cleaning is done on the premises, the clothes are shipped in from another store. Approx value of the store is (not verified by appraisal) $1.5M-$1.7M making the LTV approx 37.5%. This should be a windmill style slam dunk (as long as all the info checks out!)

swmsn

4205 Posts

Posted - 06/03/2008 : 09:20:57 AM

It should be. This deal is about submitting a complete package with all the details needed. Each tenant, and each income producing entity of the property needs to have a trail showing the income and expenses for each. Look at the Property as an Owner Occ Mixed Use Property. Where the Expenses for the property as a whole are taken in account as well as each store/retail business owned by the borrower. Very intricate, but also very logical on what is needed.

Hope to hear from you.

ComLender

1249 Posts

Posted - 06/03/2008 : 10:02:52 AM

Sounds easy enough. Please call or email to discuss rates and terms.

EMScommercial

4700 Posts

Posted - 06/03/2008 : 11:00:17 AM

Please let us know if we can help you with your commercial scenario(s) - I'm sure that if there is any financing options for your clients out there, we can find it in our vast internal database of commercial lending sources of which we are direct brokers for (currently stands at 350+ entries as of today (lenders, banks, private money, hedge funds, pension funds, insurance companies, etc.)).

Eclipse Mortgage Services is the proverbial 'head of the snake'... the end of that broker chain.... next step - the lending source.....

** We issue a mutual NCND to protect both sides!! **

Remember... We only get paid when the thing funds!

Hyperlink to our page for submissions - very straight forward and simple - http://www.EclipseMortgageServices.com/body_contactme.php - we will receive your submission and an account managers will be assigned. Within one business day you will be contacted - starting the process!

Check out our BASIC RATE/TERM sheet to get an idea if your scenario is 'in the ball park' and then contact us to start the ball rolling to get specific numbers for your loan! http://www.EclipseMortgageServices.com/aaaaaEMS_ratesheet.pdf

Thank you...

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