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Updated about 9 years ago,
Need a $2mm loan for commercial reno with ARV of $6 to $7m
Does anyone know of a lender, private or otherwise that would be interested in loaning between $1.7 mm and $2mm on a building, which includes 55 acres of land with an owner occupied business located on the property? Current value of Real Estate: $2mm ARV: $6-$7mm. The business is already operating and profitable with no debt. And it is all owned free and clear. They have an opportunity to quadruple revenues once building renovations are under way.
The subject business generates in excess of $350K per year. In addition, the owner has other business's currently generating over $3 mm per year.