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.
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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