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1) Liquor Store-Ohio, ( No RE) owner nets 400K/yr from 2 other stores, wants to acquire 3rd (existing store). Buying for 550K , 40% down. New store financials; 300K gross/150K net/year. Held in LLC, FICO 770. Straight longer term loan or LOC wanted
2) Gas station/Conv.Store-Upstate NY, Need bridge loan for 2-3 years (1st position), (no prepay penalty) for property, operation, and rehab. Client currently owns; owes 300K 1st mtg. Bridge to pay off first, and pay for rehab. Needs 900K loan to pay off 1st and rehab costs. Client also contributing 225K, 750FICO, property leased to tenant. Tenant pays 3K per month + 16K month in fuel sales, after work is done existing tenant will execute new 15 year lease at 10K/Month NNN, + 16K fuel sales. Exit strategy is to refinance after rehab. Rehab consists of mainly replacing fuel pumps, equipment, and minor interior store rehab. Ideas?
2) Gas station/Conv.Store-Upstate NY, Need bridge loan for 2-3 years (1st position), (no prepay penalty) for property, operation, and rehab. Client currently owns; owes 300K 1st mtg. Bridge to pay off first, and pay for rehab. Needs 900K loan to pay off 1st and rehab costs. Client also contributing 225K, 750FICO, property leased to tenant. Tenant pays 3K per month + 16K month in fuel sales, after work is done existing tenant will execute new 15 year lease at 10K/Month NNN, + 16K fuel sales. Exit strategy is to refinance after rehab. Rehab consists of mainly replacing fuel pumps, equipment, and minor interior store rehab. Ideas?
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