Deal Status

Active

Property Address

gainesville Texas 76240

Requested Loan Amount

$450,000

Loan to Value

50%

Loan Term

12 months

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Sale of Subject Property

Collateral and Loan Details

Commercial Property Type

Automotive

Automotive Property Types

Auto Repair

Number of Units

5

Current Occupancy

Tenant Occupied

Current Occupancy Percentage

100

Loan Type

Refinance

Square Footage

4,200

Current Market Value

$850,000

Existing Mortgages

1st

Mortgage 1 Balance

$180,000

Equity Cash Out

Yes

Equity Cash Out Purpose

Personal Use

Equity Cash Out Details

pay off 1st and IRS tax lien. Borrower intends to sell but wants to pay off tax liens first using existing equity

Have Appraisal

No

Lot Size

0.55 acres

Will additional properties be collateralized?

No

Borrower Entity

Not Sure

Borrower Credit Rating

Poor

Comments

subject property currently listed but borrower willing to pull off market to pull cash out. Borrower wants to pull cash out to pay off a tax lien and then turn around and sell the property`

First Name

Darryl

Last Name

Bledsoe

Company

Maxim Real Estate Group Inc

Role

Mortgage Broker

Location

California

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