Help Funding First Commercial Deal using business income!
Hi I purchased a card operated laundromat that has really good gross cash flow(~20K per month). I also have an option on the property in which it is located plus an option on an attached parcel of land. The property in which the laundromat is located is a 5 suite strip mall of which 1 of the suites is the laundromat. Three(3) others are rented and 1 is vacant. The 2 pieces of property, I value at min 1.2 mil. My option is for both pieces together at 775K. The three rented suites generate about $4000 per month plus my suite which costs me $2500 per month. So currently about $6500 of rental income total for the strip mall. I'd like to obtain financing for the $775K plus cash out 125K to pay off the equipment loan on my machines in the business by year end. This will do 2 things: 1. It will free up 40% of my cashflow in the business which goes toward the rent($2500) and the equipment loan($5500). 2. It will add at least $4000+ to my bottom line in rental income. I'd like recommendations for getting this done. One of the options I'm thinking of doing is 1st developing the vacant land into a truck parking lot for 18 wheelers, which I believe would generate another $4500 per month min and would not cost much to build out. (mainly gravel and fencing) Then seeking the funding. Any suggestions/ lender recommendations would be helpful.