98 Farmington Avenue, Hartford, CT; 185 N Main St, Ansonia CT, 112 Central Ave, Ansonia CT Hartford and Ansonia, Connecticut 06105, 06401
Requested Loan Amount
Loan to Value
Collateral and Loan Details
Commercial Property Type
Multifamily Property Types
Number of Units
Current Occupancy Percentage
Has property been located?
Preferred Closing Date
Loan to Cost
Continue Rental (property is tenant-occupied)
Will additional properties be collateralized?
Borrower Credit Rating
Exit Strategy Details
The 3 properties in Ansonia and Hartford are meant to keep for long term. The luxury property 214 Good Hill RD Weston, CT in the 'Comments 'narrative is intended to be spin off in 2 years , first by subdividing the land with a new 2 acre parcel at the entrance of the property to be sold for 300,000 US dollars as cost of land and 700,000 US dollars building structure built as a replica of the original main house into a small 4,000 square foot home to be resold at 1,300,000. The net gain from this subdivision and construction project is expect to yield 600,000 at disposition. The original property with 3 structures will then be resurveyed as a 2.85 acres property vs its original survey of 4.85 acres with expected income of 21,000 US in monthly rental income where 18,000 will continue to be derived from the main structure with over 11,000 square feet which include the pool house and the 3,000 square barn generating 3,000 in monthly rental income. I expect the original property then on 2/85 acres with the 3 structures to be valued at 2,400,000 once the barn and multicourt renovation is completed since this property is not a short sale but a property purchased by the current owner at 2,35 million in 1998. The owner will be loosing her own money in equity by selling at 1,600,000 to my LLC since she only has a 900k loan on the property. she is a wealthy society woman in CT and owns 2 other properties as her primary and secondary homes.
I would also like the lender to consider to the extent possible adding a property of great value presently used a a corporate relocation rental that i intend to run as a small boutique luxury hotel or continue to run it as a corporate relocation. The property tax valuation is at 2,700,000 and can be acquired at 1,600,000. I need 100k in renovation to renovate the barn into a 2 bedroom loft which can be rented for 3,000 monthly. The property has 3 structures ; main house with 7 bedrooms and 6 baths and 2 half baths which can generate 18,000 per month in corporate relocation rental , the pool house with 1 bed/1bath apartment is used as a guest apartment for the week end visitors of the occupants of the main house , the barn is a NYC style loft with a full bath that needs a lot of upgrading in order to rent it for 3,000 per month. it is estimated that the 75,000 can upgrade the barn and 25,000 to convert the basket ball court into a multi-court. Thus 100,000 US dollar in renovation cost is needed.
I have attached the video link to the property for viewing and video to the property for viewing in the link section above.
Below are links to comparable corporate relocation rental within a 2 mile radius
I am interested in obtaining financing at 100 percent LTV for a 1,917,000 US dollar portfolio of properties to be acquired at 1,820,000 US dollars which represents a a 5 percent concession from the total combined asking price of the portfolio. The portfolio generates 353,800 US dollars in rental revenues. However I feel that if we can close this transaction in 10 days on 3/1/21, the total acquisition price can be at 1,726,000 US dollars which would be 10 percent below the total asking price of the portfolio.
Annual rent revenues 353,800
The estimated taxes and insurance expenses are at 41,000 US dollars
Net income at 312,800
Thus if the portfolio is acquired at 1,726,000 US dollars and the associated closing cost amount to 74,000 US dollars, the total amount financed at 100 percent LTV which includes the closing costs would be 1,800,000 US dollars. The net income generated is more than adequately sufficient to support to justify 100 percent financing by a lender for a long term investment property acquired 10 percent below asking price with expected appreciation at 3 percent per year in line with inflation.
I presently have a NY LLC and willing to set up a CT LLC which can be set up in 1 day as the owner of the portfolio, unless a lender wants individual LLCs opened for each property in the portfolio.
I look forward to your interests.