Deal Status

Active

Property Address

912 Main St, Morristown, New York,

Morristown, New York

13664

Requested Loan Amount

250000

Loan to Value

10

Loan Term

24

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Commercial Property Type

Agricultural

Agricultural Property Types

Agribusiness

Agribusiness Property Types

Vegetables

Cannabis Business

No

Number of Units

14

Current Occupancy

Owner Occupied

Current Occupancy Percentage

90

Loan Type

Refinance

Current Market Value

2400000

Equity Cash Out

Yes

Equity Cash Out Purpose

Improve Subject Property

Equity Cash Out Details

Experienced agricultural operator with no debt seeking to use some or all of their real estate properties to serve as collateral for a cash out amount of $250k. The principals have received a higher demand for their products and would like to invest in equipment that will streamline their operation to meet client demand. The value of the collateral portfolio is $2.45 Million. This would place the LTV at 10%. The property is located at 912 Main st Morristown, New York. The principal has 14 real estate properties that range from residential income to land development parcels. The principle is a successful operator with 40+ years of agriculture and real estate investment experience.

Appraisal

No

Lot Size

36155

Will additional properties be collateralized?

Yes

Borrower Entity

LLC

Borrower Credit Rating

Excellent

Comments

This request presents an opportunity for the principal to expand their operations while presenting a conservative loan to value structure for the potential lender. 10% LTV with $2.45 Million in collateral market value. The principal will pay off the bridge loan within 24 months via current and enhanced business operational revenue.

First Name

Cesar

Last Name

Rodriguez

Company

Engel & Volkers Orlando Downtown

Role

Mortgage Broker

Location

Orlando
Florida
USA