Deal Status

Active

Property Address

651 Hwy #30

St Gabriel, Louisiana

70776

Requested Loan Amount

700000

Loan to Value

20

Loan Term

12

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Commercial Property Type

Land

Cannabis Business

No

Current Occupancy

Vacant

Loan Type

Refinance

Current Zoning

Array

Entitlement Status

Entitled

Development Status

Planning to Develop Soon

Existing Improvements

Array

Generate Income

Yes

Multiple Parcels

No

Current Market Value

3500000

Existing Mortgages

  • 1st

Mortgage 1 Balance

400000

Equity Cash Out

Yes

Equity Cash Out Purpose

Improve Subject Property

Equity Cash Out Details

300,000 Cash out will be used for Due Diligence. On-The_Run Convenience Store has signed a 20 year ground Lease LOI

Appraisal

Yes

Appraisal Date

10/02/2019

Lot Size

22

Will additional properties be collateralized?

No

Borrower Entity

Other

Other Borrower Entity

LP

Borrower Credit Rating

Excellent

Comments

Hi, my name is Michael Knapp and I am the CEO for OneClick Commercial Funding here in Irvine, CA. I have a deal I would like to run by you and see if it would be of interest to you. The sponsor is a businessman owns a strip mall at 651 HWY #30, St. George, LA 70776. He has built a strip mall near it, and a Best Western has committed also and is looking to add a Convenience Store/Gas Station on land next to it. He has a signed Letter of Interest from On The Run Convenience Stores to enter into a long term 20 year land lease. He needs some short term cash to finish some due diligence on the land where the station would go. He would like to do a cash out bridge loan on the property of $300k. He owes $400k on the property and it appraises for over $3.2 Million. The appraisal was performed by Colliers. The total loan would be for $700k plus closing costs. He has over a 750 credit score and has a net worth over $10 Million. He is seeking a 12 month Bridge Loan.  Please let me know if you would be of interest and I will send over all necessary documents. Please feel free to call me to discuss @ 602-741-4520.

First Name

Michael

Last Name

Knapp

Company

OneClick Commercial Funding

Role

Broker

Location

Irvine
California
USA