Deal Status

Active

Property Address

4750 Bayline Drive , N Ft. Myers Florida 33917

Requested Loan Amount

$800,000

Loan to Value

70%

Loan Term

84 months

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Sale of Another Property

Collateral and Loan Details

Commercial Property Type

Industrial

Industrial Property Types

Warehouse

Cannabis Business

No

Number of Units

6

Current Occupancy

Tenant Occupied Partial

Current Occupancy Percentage

90

Loan Type

Acquisition

Square Footage

6,598

Has property been located?

Yes, and it’s under contract

Purchase Price

$950,000

Purchase Contribution Source

Own Cash

Loan to Cost

50%

Purchase Plan

Continue Rental (property is tenant-occupied)

Lot Size

1.50 acres

Will additional properties be collateralized?

No

Borrower Entity

LLC

Borrower Credit Rating

Good

Comments

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.

First Name

Michele

Last Name

McWhorter

Phone Number

(844) 482-2626

Company

Flower Girl Marketing, Funding Division

Role

Consultant

Location

Pensacola, Florida

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