Commercial Real Estate Deal - Need Private Money
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 21% |
| Lender Rate: | 17% | Borrower: | SkyReachLLC |
| Finished | State: | UT | |
| Funded: | 100% | Group: | BORROWERS - Free instant Listings - LARGEST GROUP |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-06-21 | EricsCC ROI: | 17% |
| Status History | |
|---|---|
| Jun 21, 2007 | Current |
| Jul 19, 2007 | Payoff in progress |
| Jul 24, 2007 | Paid |
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Purpose of loan: We are purchasing an existing 24-unit apartment complex in Portland, OR, which was was built in 2004. The current owner has petitioned the state for condo map approval, which is expected in late June, early July. We will not close on the property until approval has been granted. We have an agreement with the seller to begin pre-selling the units immediately. Our estimated maximum time to sell all units is 12 months. Deal Financials: Purchase Price $2,220,000 Upgrades $ 108,200 Financing costs $ 284,856 Interest paid to private money investors $ 72,150 maximum TOTAL ACQUISITION/CONVERSION COSTS $2,685,206 Sales 12 1-bedroom units at $125,000 each $1,500,000 conservative 12 2-bedroom units at $135,000 each $1,620,000 conservative TOTAL $3,120,000 Expected profit $ 434,794 Less sales commission $ 187,200 PROFIT $ 247,594 We have raised all but $75,000 to move forward with this deal, and we do not close until July 15th, so we fully expect to move forward. Full prospectus is available for review. My financial situation: Please note that we do NOT have any current delinquencies. We filed a Ch 7 bankruptcy in 2002 that was converted to a Ch 13 later the same year after 4 layoffs between us in 2001/2002. We paid everything off in 2 years (not 3). It was discharged in 2004. We were never laid on any mortgage or auto payments. And, we are now financially solid. Recently, we refinanced our primary residence (80% LTV), and so we have no other debt besides housing. Between our "job" income and our rental properties, we bring in over $150,000 per year. Mo. net income: $8,660 (net, not including rental income) Mo. expenses: $6949.30 total Housing: $2929.30 Ins: $200 (including auto) Car: $500 (gas and maintenance only - no loans) Utilities: $200 Phone, cable, internet: $200 Food, ent: $1200 Household $1500 Other $220 (prop taxes calc monthly) |
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