Commercial Deal with flexible lender in N Fort Myers, FL
Loan Request by Michele McWhorter
4750 Bayline Drive , N Ft. Myers Florida 33917
Requested Loan Amount
Loan to Value
Sale of Another Property
Collateral and Loan Details
Commercial Property Type
Industrial Property Types
Number of Units
Tenant Occupied Partial
Current Occupancy Percentage
Has property been located?
Yes, and it’s under contract
Purchase Contribution Source
Loan to Cost
Continue Rental (property is tenant-occupied)
Will additional properties be collateralized?
Borrower Credit Rating
NOTES FROM BUYER:
Units are leased. Unit 3 signed, but no deposit/payment as of yet...
Just got the lease/option on Unit 1 and building purchase at 1.8M, but that does include the remodel (roof, parking lot, and a few other items) at our expense. Since it isn't a guaranteed purchase, just an option, we did get non-refundable money wired to escrow late this afternoon.
Unit 1 29K was wired to title company today (from Eagle Delivery, Unit 1) 20K non-refundable option 3K deposit. 3K Nov 3K Dec Beginning 1/1/19: 6k/mo
Unit 2: Currently 1700/mo Unit 3: will be 1425/mo Unit 4: 650.mo Unit 5: currently vacant, probably 650/mo-750/mo
So, by Jan, 2019 6000 + 1700 + 1425 + 650 = $9775/mo plus last unit plus changing leases to NNN on the 2 old tenants. Leases will be up soon, and we are going to renegotiate the terms to be consistent with going rents and NNN.
Also, Unit 3 could potentially move to Unit 5, Unit 2 would move to Unit 3 to save money when rent increases (if they can't afford it, they just need to downsize their space), which would open up Unit 2 for 2408 sq. ft. @ $12-14/sq.ft NNN = $2400 to $2800/mo NNN instead of $1700. Bringing in an extra $700-$1100/mo, plus the change from gross rent to NNN.
With taxes/insurance estimated to be about $12K/yr ($1000/mo).
Buyer would perfer low docs, but can produce tax returns.