Loan amount
Loan type
As-Is Property Value
19% {LTV}
Property type
Nursing home
Borrower Details
Credit score
Deal experience
6 deals
This loan scenario was submitted by a Broker
Property Details
Loan Details
Additional Loan Information
64 bed assisted living and skilled nursing home on 30 acres. Looking to purchase. The facility has been appraised at $8,000,000 but is going through bankruptcy. The Judge has indicated that he would entertain an offer with $250,000 cash on 7/24/2019 and a the rest a little later if our offer is accepted. We have the $250,000 but need additional $1,500,000 to make the offer. We anticipate making an offer of $1,200,000 to $1,500,000 if hard money is available. It presently has one loan of over $6,000,000 and an SBA loan in excess of $2,000,000. These will be wiped by the bankruptcy court as far as the facility is concerned. The unit is fully staffed and operating with patients. A fire at another facility owned by this owner, and a divorce have contributed to the bankruptcy. I've purchased 6 businesses in the past.
July 21, 2019 - 4:48pm

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