PROPERTY:

Bel Air Rd, Kingsville,  MD  21087

DESCRIPTION:

  • 3 unit commercial building that contains a liquor store, rental apt ($1,000 /monthly income) and a separate office ($1,000 /monthly income)
  • Purchase price is $316,000.
  • Cash to close is $114,000.
  • His family has run the liquor store in the building for the last few years.
  • His plan is to get his bank to refinance him,  but he had to move quick b/c the seller was under time constraints
  • PROPOSED TERMS:
Loan Type: Purchase
Loan Amount: $220,000 1st Mortgage
Value of Subject Property: $380,000
Loan to Value: 47%
Term requested: 12 Month Balloon
Exit Strategy: Refinance
Credit Score  707