Private lender wants to make <$1mm USA based commercial real estate loans: - Real Estate Finance2024-03-29T15:09:30Zhttps://realestatefinance.ning.com/forum/topics/private-lenders-wants-to-make-1mm-usa-based-commercial-real?commentId=6517464%3AComment%3A342968&x=1&feed=yes&xn_auth=noMr Lewis.
I’m seeking a loan…tag:realestatefinance.ning.com,2019-06-10:6517464:Comment:3429682019-06-10T22:10:50.050ZJohn Gallowayhttps://realestatefinance.ning.com/profile/JohnGalloway610
<p>Mr Lewis.</p>
<p>I’m seeking a loan for the purchase of a prospective Air BnB property <a href="https://storage.ning.com/topology/rest/1.0/file/get/2857291002?profile=original" rel="noopener" target="_blank"><img class="align-full" src="https://storage.ning.com/topology/rest/1.0/file/get/2857291002?profile=RESIZE_710x"></img></a></p>
<div><p><span>The house in Evergreen Colorado. A small community west of Denver.<br></br>The intent of the investment is to purchase the property, do an update and remodel so it can be flipped to an Air BNB investor <br></br>The property is unique in that it is the only…</span></p>
</div>
<p>Mr Lewis.</p>
<p>I’m seeking a loan for the purchase of a prospective Air BnB property <a href="https://storage.ning.com/topology/rest/1.0/file/get/2857291002?profile=original" target="_blank" rel="noopener"><img src="https://storage.ning.com/topology/rest/1.0/file/get/2857291002?profile=RESIZE_710x" class="align-full"/></a></p>
<div><p><span>The house in Evergreen Colorado. A small community west of Denver.<br/>The intent of the investment is to purchase the property, do an update and remodel so it can be flipped to an Air BNB investor <br/>The property is unique in that it is the only property in Evergreen that is on the lake . A truly beautiful setting. In addition the property is only 30 minutes from Denver and 30 to 45 minutes from world class skiing. The property borders a golf course and countless trails for hiking. Downtown Evergreen is only a 5 minute walk from the property.<br/>The property is listed as 3 bedroom 3 bathroom home but the third bed and bath are non conforming because it is part of a detached garage with only French doors separating the garage from the "room and bathroom".<br/>My plan is to purchase the home, update the main house, repair some exterior issues and do a complete remodel of the garage so it is a stand alone apartment.</span></p>
<p><span>I'm seeking a loan of $850,000 for the purchase and repair/remodel. I'm estimating the loan duration will be 12 months.</span></p>
<p><span>Air BnB’s in the area are booked through January.</span></p>
<p><span>I did a quick proforma based on renting the two units separately.</span></p>
<p><span>The main house will rent for $120 per day <a dir="ltr">Monday through Thursday</a> and $165 per day <a dir="ltr">Friday through Sunday</a>.</span></p>
<p><span>The stand alone apartment will rent for $75per day <a dir="ltr">Monday through Thursday</a> and $100 per day <a dir="ltr">Friday through Sunday</a>.</span></p>
<p><span>This equates to $76,044 yearly income for the end buyer.</span></p>
<p><span>Please let me know if you can find a hard money loan for this.</span></p>
<p><span>Thanks</span></p>
<p><span>John</span></p>
</div>