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Updated over 7 years ago,
7.5mm Refi Loan in NV with VERY strong borrower but...
I have a refi loan with a VERY strong borrower, VERY strong income-producing business, low LTV on the loan but it has one hiccup. It is a brothel in NV....This is an exceptional lending opportunity and looking for a lender that is not concerned with the asset/business type:
Here are the bullet points:
- April 2017 CBRE appraised value of the two properties - $16.86MM
- Loan request of $7.5MM, 45% LTV (might even go lower, since he may pay down the current loan since the sale to Google).
- Gross revenues of $9.1MM, NOI of $1.68MM
- Borrower has net worth of $20MM, FICO of 715+
- Borrower will sign Personal Guarantee
- Borrower would prefer 10 years, I/O terms, no prepay penalty.
- I have written summary, appraisal, sources, use, and financial schedule.
Looking to get this done asap.