Looking to refinance - cash out - commercial mixed use. 

This property is 19,500 square feet, 2 story mixed use building. First floor is commercial with cafe and warehouse. Upstairs is 8 apartment units. Valued at $5,995,000.

My client / borrower is looking for 60% to 65% LTV. Payoff is $1.3M. Cash out is for another real estate project in Oakland CA.

Looking for loan amount of $3,597,000 to $3,896,750

Looking for a rate between 9% to 10%  and wanting a term for 24 months.

Loan package will consist of an appraisal from  Marcus & Millichap one of the largest national commercial real estate brokerage firms,  1003, credit with mid score 740, rent roll and expenses. No tax returns available. 

Rent roll

8 residential units upstairs and 2 commercial units on the 1st floor.

4 of the units upstairs are 3 bedrooms, each unit is 1,500 sqft, and the total rent for all 4 units is $11,200.00, each unit is $2,800.00

4 of the other units are 2 bedrooms, each unit has 1,200 sqft and the client gets total of $8,800 from those 4 units, so each tenant pays $2,200.

The café downstairs is 7,000 sqft and the tenant pays $8,000.00

The warehouse downstairs is 10,000 sqft and the tenants pay $7,000.00

*******Direct lender need only reply to Jamie.Loans@gmail.com   *******

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