Loan amount
$500,000
Loan type
Purchase
{Rent&Hold}
As-Is Property Value
$1,100,000
{PP:$750,000}
LTV
45%
{LTV}
Property type
Hotel
Borrower Details
Credit score
760
Deal experience
3 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Eureka Springs
State
Arkansas
Loan Details
Purchase price
$750,000
Down payment
$250,000
Additional Loan Information
We started a business to own and operate a small motel. We signed a contract for 750K. I am planning to put 34% down payment and looking for loan for remaining amount for 500K.We would like to close in 30 days since the current hotel is under bank as previous owner defaulted on the loan
Hotel revenue is over 220K per year. We do plan to operate it as owner operated. My wife would manage the property full time and I would be part time. We both are 50% percent owner in my company. I have a full time job with 160K annual salary and no plans to leave it.
Hotel revenue is over 220K per year. We do plan to operate it as owner operated. My wife would manage the property full time and I would be part time. We both are 50% percent owner in my company. I have a full time job with 160K annual salary and no plans to leave it.
Status
Closed
Created
March 16, 2024 - 9:32pm
Hard Money Lenders Now Offering Real Estate Investor Loans in Arkansas Little Rock | Fort Smith | Fayettville | Springdale | Jonesboro | Conway Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans