Deal Status

Property Address

780 N Van Dyke Rd

Almont, Michigan

48003

Requested Loan Amount

315000

Loan to Value

70

Loan Term

12

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Commercial Property Type

Mixed-Use

Unit Mix Multifamily

1

Unit Mix Retail

1

Number of Units

1

Current Occupancy

Tenant Occupied Partial

Current Occupancy Percentage

20

Loan Type

Acquisition

Square Footage

11000

Has property been located?

Yes, and it’s under contract

Purchase Price

450000

Purchase Contribution

135000

Purchase Contribution Source

Own Cash

Loan to Cost

70

Purchase Plan

Other

Other Purchase Plan

owner will occupy 80% of the retail space, existing lease on the other 20%, and lease the apartment

Lot Size

2

Will additional properties be collateralized?

No

Borrower Entity

LLC

Borrower Credit Rating

Good

Comments

Borrower currently rents retail store, now buying building with one existing tenant (15% of the space). He will occupy the rest. Building also has a 3BR, 2BA rental apartment on top. Purchase price is $450K, He would like 70% LTC. FICO scores of principals: 640 and 700

First Name

George

Last Name

Warf

Company

Credible Commercial Lending

Role

Mortgage Broker

Location

Dana Point
California
USA