Need $450K at 51% LTV bridge financing for Mixed-use Banquet Halls - Convention center

Deal Summary:  Mixed-use - Banquet Halls - Retail Shops Space & Restaurant space
48000 SF building with 33000 SF rentable space in North Carolina
Party looking to finance, had previously managed the same property for few years for an owner, and later had committed offer to purchase from the original owner when it was appraised at $2.1M just 4 years back.  However, original owner went bankrupt and property went back to bank as REO.   My party is in good terms with the bank, as my party has already invested over $500K in renovations, and hence bank is offering him on discount to take over.  So, my party is in this business and can quickly recover the operations to full potential within a year.  Also, my party has W2 income on upside of $200K to meet interest payments during this recovery.

Going Concern value:   $1.3M
Market value     : $870,000   (appraisal done in 2012) 
Liquidation value: $610,000   (appraisal done in 2012)
Loan Faculty     : $450,000   (LTV  51%)
Loan Term        : One year

Let me know a.s.a.p. whether you know of anyone interested in this financing deal, and willing to act quickly. 

Thanks

Sam


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Sam,

Setser Capital Solutions can assit with your bridge funding request. Our bridge lenders can finance deals quickly. Contact me at john.setser@setsercapital.com to discuss in more detail.

John  

Sam,

Please send me more details. I definitely have a source that would be interested in this. My email is kahall413@gmail.com

Thanks,

Ken

Our investors can respond and close quickly, I need more information on the deal, send over executive summary, sales contract, PFS on borrower.

 

John Broussard

Newbridge Investments

713-777-9996

commercial.privateorhardmoney@gmail.com

We can close all types of CRE loans in all 50 states

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