Bridge Refi For Rehab 19 Mf Efficiencies 500 Sq,Ft

Sponsors need a Bridge Refi loan plus construction money to convert a former student
Dorm to 19 multi-family efficiencies (500sf).
Property Address: 541 E. Black Ave., Springfield IL 62702
Description:
Asset type: Historic Mansion turned housing for nearby University in 1995. 14,000 sf, two story.
Property size: 1.8 Acre lot
Number of Units: 18 Rooms each with their own full bathroom and added efficiency kitchen unit.
Finished basement with elevator.
Off Street parking
Location – Walk to two major hospitals and major park.
Illinois Capital Seat
Financials:
Purchase Details: Sponsor bought the property in June, 2022. The University shut down during Covid.
Purchase Price: $265K + closing costs.
Taxes: $11,600.00
Insurance: $2,800.00
Estimated Closing of new loan: March 2024
Estimated rents when stabilized: $850 -$950/month/apartment.
Current Occupancy: Vacant. Under clean up and light renovation.
Investment to date: New roof - $85k, Clean up - $15K
Appraised “AS IS” Value Nov 2023: $465K
Stabilized Appraised Value (ARV): $1.29M (based on cash flow)
Loan Amount Request: 75% x $465k (current value) - $348K
100% of Renovation - $500K
Total = $848,000. (75% ARV)
Term Requested: 6- 12 Months
Use of Funds – pay off current loan + renovation
Exit Strategy: Refi Perm into Multi Fam loan.
Sponsor info:
FICO score range – 725+
Liquidity – $500K+
Experience – Plenty