A developer in Michigan wanted to take advantage of a huge opportunity that was presented to him to purchase 2 commercial properties. The only problem was that he currently had a million-dollar construction project he was working on and the local banks just didn’t feel comfortable extending him any more credit. These two properties were only about 40% occupied so they did not currently cash-flow as well.
This Michigan development acquisition cost for the properties was $625K and they needed another $100K in rehab work to get them to a point where they could be fully occupied. He needed a lender to focus on the project at hand and not look at his global situation in order to make this happen. They looked at his past experience and payment history in order to approve the deal.
We were able to secure him $469K of the purchase price and another $75K for the rehab work. He was able to move on the properties right away. When he is done with the rehab in about 6 months he already has renters lined up to move in and the property will cash-flow like a dream. He will then be able to go to a local bank and get them refinanced, no problem.
|$544,000 Loan Amount||24-Hour Approval|
|1-Year Term (Interest-only)|