Property Address

780 N Van Dyke Rd, Almont Michigan 48003

Requested Loan Amount

$315,000

Loan to Value

70%

Loan Term

12 months

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Collateral and Loan Details

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

11,000

Has property been located?

Yes, and it’s under contract

Purchase Price

$450,000

Purchase Contribution

$135,000

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 acres

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

Phone Number

(909) 962-7153

Company

Credible Commercial Lending

Role

Mortgage Broker

Location

Dana Point, California

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