Private Money Loan, $950K For Bridge Rehab Loan
The Ask: Private Money Loan, $950,000 total for Bridge Finnancing and Initial Construcion.
The Terms: 1st lien position note and mortgage.
Estimated term of 6 – 9 months
12% Interest only offered ( Tax Free with a self directed IRA)
Exit upon sale or refi
The Asset: Historic Mansion turned Housing for a nearby University – 14,000 sf, two story.
Former student dorm to convert to group home facility for Independent Senior Living or Travelling Nurses.
1.8 acre lot, one building with parking.
26 rooms each with their own private bathroom, cafeteria, elevator, meeting rooms, offices, finished basement for child care.
Location: Walking distance to two major hospitals and park.
Downtown Springfield IL.
Stabilized ARV - $2.2M
Sponsors: 30 plus years experience.
Current portfolio of 125 rental units owned and managed.
Credit score 750 range. Liquid - $400K
Strong track record to show.
Financials (USD)
Amount Sought Not Disclosed
Deal Terms
Offering Memorandum Or Prospectus Available? Available On Request
Willing To Pay Finders Fee? Available On Request
Willing to Co-Broker? Available On Request
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