Deal Status

Active

Property Address

2379 Hwy. 178 West

Holly Springs, Mississippi

38635

Requested Loan Amount

1200000

Loan to Value

70

Loan Term

24

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Commercial Property Type

Retail

Retail Property Types

Restaurant

Cannabis Business

No

Number of Units

1

Current Occupancy

Owner Occupied

Current Occupancy Percentage

90

Loan Type

Refinance

Current Market Value

1765000

Existing Mortgages

  • 1st

Mortgage 1 Balance

335000

Equity Cash Out

Yes

Equity Cash Out Purpose

Improve Subject Property

Equity Cash Out Details

The value of the property is estimated $3M. Owes $335,000. The business does very well with an average of 300 tables served a day. The business is picking up to Pre COVID levels. Client wants to use the cash out to shore up working capital and finish expansion. Due to demand the client is in the middle of expanding the recreation area. Client has over $1.2M invested in the property and business. Term requested 24 months. Client is almost at full capacity already. Serve an average of 300 clients per day. Debt will be serviced with current and increasing cash flow from operations.

Appraisal

No

Lot Size

1.5

Will additional properties be collateralized?

No

Borrower Entity

LLC

Borrower Credit Rating

Good

Comments

Client is seeking $1.19M refinance on his restaurant property. Client runs a farm as well as a successful steakhouse in Mississippi, once voted best in the state by Food Network. Restaurant doubles as a music venue with a stage and dance floor.

First Name

Cesar

Last Name

Rodriguez

Company

Engel & Volkers Orlando Downtown

Role

Mortgage Broker

Location

Orlando
Florida
USA