Deal Status

Active

Property Address

1951 E Riverview Ave AKA 19781 CO RD S

Fort Morgan, Colorado

80701

Requested Loan Amount

550000.00

Loan to Value

60

Loan Term

240

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Commercial Property Type

Storage Facility

Storage Facility Property Types

Self-Storage Facility

Number of Units

50

Current Occupancy

Tenant Occupied

Current Occupancy Percentage

95

Loan Type

Acquisition and Value-Add

Square Footage

8000

Renovation Cost Estimate

50000

Renovation Description

The loan can be amortized for 240 months with a balloon in 60 months, or fixed for the 240 months. This consists of two properties with storage and a single-family home on each property. I currently own one property that I owe $160,000 on. The value is about $650-$700,000. I will be purchasing the second property for $335,000, it is an existing mini-storage and a single-family home. I will be taking cash out to purchase the second property and remodel both homes and add 10 more storage units. Total income after renovation will be about 6410.00 per month, less 5% vacancy = $6089.50 ARV will be about $1,100,000. Total land size is about 4.6 acres with about 1 acre that is built out. We have plenty of room to expand in the future. The property at 1951 E Riverview has a SFR, a warehouse that is about 40' x 80' and another building for storage that is 20' x 30'. It is 3.6 acres that backs to I-76 at exit #82 in Fort Morgan. It is 2 blocks west of the Wal-Mart superstore and next to a new Fairfield Inn.

Renovation Budget

Yes

Future Value

1200000

Future Loan to Value

46

Renos Completed

10

Contractor

No

Team Ready

Yes

APN Parcel ID

Parcel Number 1039-324-00-006

Lot Size

4.6

Will additional properties be collateralized?

Yes

Borrower Entity

Individual(s)

Borrower Credit Rating

Excellent

Comments

I had a contractor's license, however, I now hire the work done by others. I grew up with my Dad being a contractor and started working with my Dad while still in high school. I started a construction company before I was 30 years old and worked construction for many years. I was injured on a job and had knee surgery. I was told by the doctor that I should find another occupation. I went back to school and received a license to sell real estate. I am a licensed Realtor and have been for 20+ years. I have completed multiple renovation projects on my rental properties and also fix & flip properties.

First Name

Roger

Last Name

Casteel

Company

Role

Borrower

Location

Fort Morgan
Colorado
USA