Deal Status

Property Address

I-820 and Ruth Snow Drive

North Richland Hills, Texas

Requested Loan Amount

300000

Loan Term

180

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Commercial Property Type

Retail

Retail Property Types

Free Standing Building

Cannabis Business

No

Number of Units

2

Current Occupancy

Vacant

Current Occupancy Percentage

100

Loan Type

Acquisition

Has property been located?

Yes

Preferred Closing Date

09/30/2020

Purchase Price

360000

Purchase Contribution

90000

Purchase Contribution Source

Own Cash

Purchase Plan

Occupy It

Will additional properties be collateralized?

No

Borrower Entity

LLC

Borrower Credit Rating

Good

Comments

Current Grocery store owner who pays $48,000.00 in rent wishes to purchase his own building to move the grocery store into, which is currently a 7-Eleven in a very busy intersection of North Richland Hills, TX. There will be no need for him to do any construction changes to the existing 7-Eleven store. The grocery store has $376,000 in sales annually. He has 20% for a down payment. He is drawing $60,000 a year in salary from the grocery store. He owns other businesses and the new location is 1/2 mile from his current location so he will not loose current customers. He is looking for $300,0000.00 to purchase the building. He has 20% for a down payment. He is looking for a private investor who will be willing to finance the deal for 15 years and allow him to pay it off. The private investor will have 1st lien position on the grocery store. He is looking for a quick closing if possible.

First Name

Eleasha

Last Name

Counts

Company

Patco Capital Funding, LLC

Role

Private Money Broker

Location

McKinney
Texas
USA