2nd Position Commercial Loan
Hi,
I have an odd request from a borrower who is also raising capital. Here are the basic details below if anybody would be interested in financing?
Another borrower reached out to me seeking a 2nd position loan which will become a 1st position loan after closing. I am just forwarding the information that I got so far to see if this is something you may be interested in before I ask more information?
I have a commercial property that my fund is closing on within the next upcoming weeks. The property is on 11 acres of land, and 4 acres will be sold to 2 hotels. Additionally, there is a 48,500 SQ/FT property that is zoned as a medical rehab facility as well as an extra acre of land behind the building. The land is appraised for 9 million dollars per an onsite appraisal we had gotten done recently. The building appraisal is 5 million dollars giving the entire property a total appraisal l value of 14 million dollars. As mentioned earlier we have the property under contract with a purchase price of 6.5 million dollars. We have currently raised 3.5 million dollars from an investor in our fund who is occupying the first position. We have LOI from a rehab facility that is eager to occupy 100% of the building as well as lease the additional acre in the back for 10 years at 30 per SQ/FT NNN. We have 0 tenant improvement costs as the tenant has committed to spend 6 million dollars of their own money to do a custom build out of their liking. Once the property is closed we will sell the 4 acres to the 2 hotels that have LOI's. This would cash out the first position making the second investor(second position) a first position holder immediately after the sale. We are open to making you a first for the full amount needed (6.5 million). We currently have an offer from a REIT to purchase the entire property once we close. I have posted the OM below; please let me know if you have any questions.
Know anyone that can do $3MM 2nd position loan? The first position is getting out two months after closing once the land is sold, which would make second first position. We will be out in under 12 months.
How much $$ do you need? We need 3 million.
When do you need it by? We want to close next week.
How long do you need it? 12 months.
How will you pay it back? We are selling the property to a REIT
What can you tell me about security? Not sure exactly what you mean. The property is appraised at 14 million we have it under contract for 6.5 Million. Information posted below
Thank you.
Replies to This Discussion
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Permalink Reply by WKL David on
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Longer Terms. Higher Offers.
Loan offers up to $50M.Lower payments with terms up to 5 years with 30 year amortization.Current Rates 7.5% - 8.5%*.
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Alternative Financing Solutions
NSS USA Broker Code : DL49
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