Deal Status

Active

Property Address

651 Hwy #30, St Gabriel Louisiana 70776

Requested Loan Amount

$700,000

Loan to Value

20%

Loan Term

12 months

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Collateral and Loan Details

Commercial Property Type

Land

Cannabis Business

No

Current Occupancy

Vacant

Loan Type

Refinance

Current Zoning

Commercial Land

Entitlement Status

Entitled

Development Status

Planning to Develop Soon

Existing Improvements

Street Access, Electricity, Gas, Water, Communication

Generate Income

Yes

Multiple Parcels

No

Current Market Value

$3,500,000

Existing Mortgages

1st

Mortgage 1 Balance

$400,000

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

Have Appraisal

Yes

Appraisal Date

10/02/2019

Lot Size

22 acres

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

Phone Number

(602) 741-4520

Company

OneClick Commercial Funding

Role

Broker

Location

Irvine, California

Use the form below to contact the Dealmaker