Seeking hard money - must be able to close quick! Less than 10 days - quick.
$400K+ - Seeking $260K / 65% LTV -1st position Bridge loan for 12 months or less.
Adjacent school NEEDS parking lot. LOI on Proposed NNN lease for it at $6,500 mo.
{DSCR at 1.25, 7.5% Interest ~ 30yr = $632K supportable loan also at 65% LTV} - This is the bridge loan exit.
Potential Buyer for adjacent building already identified.
Will work with Broker / Pay finders / Broker fee.
MUST BE ABLE TO CLOSE IN UNDER DAYS! (Title is clear).