Purpose: Refinance & Property Improvements
Program: Private Money
Property Type: Commercial Retail
Location: State Legalized
LTV: Less than 50% of the 'As Is' Value
Rate: 10.5%, Interest Only for 36 months (at borrowers request)
Challenges: Property Code Violations & Incoming Tenant Retails Cannabis Edibles
Situation: The borrower needed additional funds to complete some repairs to cure potential code violations. The tenant of the property was coming in to make his own repairs to tailor the commercial store front to his needs, but the property had to be brought up to code before the tenant could begin his renovations and occupy the property. The contractor was paid at closing for the renovations already completed.
Use of Funds: Cash Out for Remediation of Code Violations & Deferred Maintenance.