Private lender wants to make <$1mm USA based commercial real estate loans:
$250,000 - $1mm
12 month term
Interest only w/ balloon at end of term
8.875 - 10.875 interest rate
2-3 origination points lender / 1-2 broker
1st lien position only
There is no prepayment penalty or minimum monthly interest period
Most commercial property types
This private lender makes small balance short term loans.
Yes - we will co-broker and split 50/50
The house in Evergreen Colorado. A small community west of Denver.
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
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.
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".
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.
I'm seeking a loan of $850,000 for the purchase and repair/remodel. I'm estimating the loan duration will be 12 months.
Air BnB’s in the area are booked through January.
I did a quick proforma based on renting the two units separately.
This equates to $76,044 yearly income for the end buyer.
Please let me know if you can find a hard money loan for this.