Fixed Price: Less than $500
| Posted: Feb 24, 2014 | Ends: 11h, 18m |
Need pre-qualified list of private lenders/ hard money lenders for short-term purchase financing on a Hotel Bank REO Property in Southeast Texas. Here are the details for the terms: 1. 78 Room Hotel Property - Bank REO Property - Foreclosed on $750K loan left on property - property on market for $1.2M to $1.4M six months but with no flag. - Has $100K content/inventory in rooms - 3 Buildings and 1 Office - 2.5 Acre prime location with Interstate 10 frontage - 1 Building needs structural work the other 2 buildings total renovations with adding 50 kitchenettes - land comps alone are $7 sq ft at $735K - Negotiating Deal with bank at $400K*(pending) - Purchasing over 35% BELOW LAND VALUE - As-Is Value - Est. $1M Looking for LTARV based loan. ARV: $1.6M to $1.8M (for both hotels pre-revenue) Asking: $350K to $950K (based on phases) OPTION A: 1. Purchase Price Offer to bank - $400K (price includes estimated $100K of content/inventory at property) 2. Renovation/ REHAB - $...
Category: Other - Finance & Mgmt