Deal Status

Active

Property Address

1471 East Brooks Rd, Memphis, TN 38116

Memphis, , Tennessee

38116

Requested Loan Amount

3.5

Loan to Value

52

Loan Term

18

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Other

Commercial Property Type

Hospitality

Hospitality Property Types

Full Service Hotel

Number of Units

245

Current Occupancy

Tenant Occupied

Current Occupancy Percentage

70

Loan Type

Refinance

Existing Mortgages

  • 1st

Mortgage 1 Balance

3100000

Equity Cash Out

No

Equity Cash Out Purpose

Improve Subject Property

Equity Cash Out Details

Use of Funds – pay off first lien, finish renovation, Closing costs

Appraisal

Yes

Appraisal Date

02/28/2019

Will additional properties be collateralized?

No

Borrower Entity

LLC

Borrower Credit Rating

Good

Exit Strategy Details

Exit Strategy: sell or Refi SBA or local Bank.

First Name

lance

Last Name

michael

Company

malone financial

Role

Mortgage Broker

Location

Dallas
Texas
USA